Report: Jamie Dimon “Couldn’t Breathe” Over Trading LossesPosted by in Blog on May 23, 2012
Jamie Dimon, JPMorgan Chase’s chairman and chief executive officer, may be known as the King of Wall Street, but Here Is the City reports that he had a very human reaction to the next that his company had suffered huge trading losses which could be over $2 billion. According to the Wall Street Journal, on April 30, when Dimon realized that the losses were bigger than expected, the paper says he “barked” at Chief Investment Office staff, saying “I want to see the positions! Now! I want to see everything!” Then, the Journal says, according to insiders, that Dimon “couldn’t breathe.”
Dimon also had trouble sleeping over the next few nights, reportedly getting up early to exercise and battle his anxiety before heading into work early. He acknowledged that he learned a big lesson from this, telling the Journal: “The big lesson I learned: Don’t get complacent despite a successful track record. No one or no unit can get a free pass.”
The New York Post reports that Bruno Iksil, the so-called “London Whale” who caused much of the trading losses, used to have another nickname. He was known as the “Caveman,” the paper reports, for “pursuing trades that rivals sometimes thought were overly aggressive but often led to huge profits.”
Dimon is planning to testify before Congress soon about the trading losses. Reuters says that the Senate Banking Committee has invited him to testify, but that no date has been scheduled yet.
Written by Lisa Swan