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Jamie Dimon Whines: Banks Are 'Under Assault'

Yes, bankers were just minding their own business when regulators started attacking them.
Jamie Dimon Whines: Banks Are 'Under Assault'

Poor Jamie Dimon. He and the rest of the JPMorgan crew were just sitting around, feeding orphans and planning how to help the poor and needy get affordable housing, when a platoon of nasty government regulators descended on them like a herd of locusts. How dare they? Don't they know who he is?

The sheer, entitled gall of this guy:

JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 6.6 percent drop in quarterly profit as legal costs exceeded $1 billion in the wake of government probes, leading Chief Executive Jamie Dimon to claim banks were "under assault."

JPMorgan agreed in November to pay $1 billion in penalties over its conduct in foreign exchange markets. Investigations into that and other areas of the bank's business, including alleged manipulation of Libor interest rates, are continuing.

"Banks are under assault," Dimon said on a call with reporters, responding to a question about legal costs.

"We have five or six regulators coming at us on every issue," he said, taking a less conciliatory tone after admitting last year that he had a "tin ear" when dealing with officialdom.

However, while legal expenses rose to $1.1 billion in the fourth quarter, from $847 million a year earlier, total legal costs of $2.9 billion for the year were far less than the $11.1 billion recorded in 2013.


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