As expected, the highlight of today’s JP Morgan investor call came from one analyst, Mike Mayo of CLSA. When he takes the mic to ask a question, the Street listens.And this time, they listened to him give JP Morgan CEO Jamie Dimon a run for his money when he asked about the bank’s $2 billion (ultimately $5.8 billion) trading loss.
Mayo started off with a bang, saying that problems with risk management in the London CIO reflect on JP Morgan as a whole. Bottom line: It’s too big to manage.
Jamie Dimon responded to that with a simple “no,” and that’s when things got interesting.
Mayo continues, “what can you say to further reassure us. You’re here in person, have you lost your step, has the focus gone off (gales of laughter).”
Jamie’s response is priceless. Mayo keeps going… you just have to hear it (audio below).
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