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Breakingviews: Dimon subdued

Friday, April 11, 2014 - 03:12

April 11 - Richard Beales and Jeff Goldfarb take a look at JPMorgan's first-quarter earnings and wonder when CEO Jamie Dimon will start having fun again.

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-- people -- reported first quarter earnings this morning. Put a bunch of stuff behind it didn't have any one else like well straight losses legal costs but once the first time in quite a few years and yet. Still a disappointing. Number jet doesn't seem like -- -- having fun again and helping us. Asked specifically that this morning and he gave a sort of half hearted response and you can sort of understand why to a certain extent the results are not that -- out. Missed expectations which may be you know I've -- missed a couple of times that they used to be kind of like a machine on that. Hitting regulate the results have been so cluttered over the years and so there's really the first time. It's really it's the crisis pretty really America's spent like you know valuations of debt and all sorts of things and model about this the first time I've really seen that sort of a a clean Shia would have been nice clean sheet they really got hammered on mortgages. And fixed income trading. Is it trading as the pretty volatile will fight them but it's pretty volatile. Cost Wall Street problem but yeah we won't know comparatively they're the first ones out of -- it. We won't know how they stack up Merrill's mortgages we do have some insight though right Wells Fargo really kind of nailed it again and do right quite well on -- -- It was that component is a little bit worrisome from from JPMorgan prospective. You're you're you do wonder sort of -- how does how does -- -- from a lot of perspectives not just from the incomes. Statements but they must be with you kind of take the clean -- really. Makes them a couple little sent this to you put -- a shareholder letter yesterday right which was also a little but I opening I mean over the years he has been incredibly calm about it. Our editor in chief rob Cox me you know sort of likened the whole thing to -- the five stages of grief. And you know sort of denial and anger and bargaining and depression and me he's finally got a -- acceptance because. There's isn't really a lot of reeling -- regulators in this letter this sort of witnessed the -- like. Heard we've got it with you know we're dealing with -- let's move on now come again another part of maybe the clean sheet. By not. We're but it doesn't really come to Austin this moaning about it went in and -- this. Current furor it -- -- frequency trading. Completely exit -- -- no comment from Jamie Dimon is. Hi -- and he's now if there is picking up. There is this point where he has mentioned -- not -- JPMorgan's mentioned in this book flashpoints but I'd sort of that the hero of the book. Actually calls to -- one of the good guys kinda wonder why Jamie was -- ready to it kind of take a little credit for that that speaks a little bit suits. Where his mind as I'm not sure maybe is worried about looking arrogant I don't know but it sort of there is a question mark about you know him not commenting about a big issue with our frequency trading is it a little worrisome way for -- So well the confidences I guess sort of about some of these matches because well let's leave that. That's it but it has bulletin right about next Gordon and we'll have a breaking news to you next week.

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Breakingviews: Dimon subdued

Friday, April 11, 2014 - 03:12