Breakingviews

More Wall Street CEO cash is hint for shareholders

January 23, 2015

JPMorgan is paying a portion of Jamie Dimon’s bonus in hard money for the first time since 2011. Goldman is boosting Lloyd Blankfein’s cash. Meanwhile, stock gains are slowing. Bank bosses still get most of their comp in shares. But the switch may suggest equity has less to offer.

Jamie Dimon returns to challenges old and new

October 14, 2014

JPMorgan’s boss is back after cancer treatment. But results missed estimates thanks to legal and other costs. The investment bank is punching below its weight. Cybersecurity is a growing worry. Even the timing of the bank’s earnings release was off. Dimon has his work cut out.

JPMorgan’s clean sheet already looks off-white

April 11, 2014

For the first time in years, the U.S. mega-bank’s results weren’t cluttered with special items like whale-trade losses or legal costs. JPMorgan’s $5.3 bln in Q1 earnings fell short of expectations anyway. Boss Jamie Dimon will be hoping to make more of the fresh start.

Jamie Dimon hits final stage of grief: acceptance

April 10, 2014

In coping with the tragedy of the financial crisis, the JPMorgan chief has passed through four of the five Kübler-Ross model phases: denial, anger, bargaining and depression. His latest annual letter to shareholders finally shows a desire to accept what’s happened and move on.

Dimon’s pay represents board’s own whale of a fail

January 24, 2014

Giving the chairman and CEO a 73 pct raise, to $20 mln, is unjustifiable. JPMorgan’s core earnings fell, it paid out $20 bln in legal settlements and the stock could only keep pace with rivals. Shareholders should have a loud say against this pay – and lead director Lee Raymond.

Chris Christie grapples with his inner Jamie Dimon

January 9, 2014

In an uncanny replay of the JPMorgan CEO’s Whale fiasco, the New Jersey boss followed his own “tempest in a teapot” moment with a mea culpa for “stupid” behavior. Christie even has an Ina Drew to blame. Like Dimon, the governor needs to own up to a culture he engendered.

We need to talk about Jamie Dimon

September 26, 2013

JPMorgan has shelled out $20 bln in legal costs, with billions more possibly coming to settle a raft of outstanding U.S. government charges. The CEO is part of the problem. Breakingviews imagines how lead director Lee Raymond might lay out his dilemma for two new board members.

JPMorgan pays price for embarrassing regulators

September 19, 2013

The bank is close to a $700 mln Whale-trade deal. It’s the rancid cherry on the cake CEO Jamie Dimon baked with shareholders’ flour and eggs, making watchdogs look stupid after years of chiding them. It’s unlikely to cost him his job. But it’s a good lesson in hubris management.

JPMorgan and Apple rows upstaged by Timken’s

June 7, 2013

Bigger quarry like Jamie Dimon and the iPad creator were targeted this shareholder polling season. But Ralph Whitworth’s successful ballot campaign to break up steelmaker Timken was more significant. Boards should beware agitators pushing for votes on strategic initiatives.

Pyrrhic victory for Dimon is defeat for governance

May 21, 2013

JPMorgan chairman and CEO Jamie Dimon spent months focused on preserving a title when he should have been totally dedicated to running the largest U.S. bank. The episode perfectly illustrates the common sense behind separating the chairman and CEO roles.