After careful consideration, we've decided Jamie Dimon may want to rethink some of his statements at JPMorgan Chase Investor Day.
At the bank's meeting today open to the general public, Mike Mayo, an analyst at Hong Kong-headquartered CLSA bank put the CEO on the spot about the bank’s decision to raise more capital than it actually needed.
Luckily, there was a room full of reporters like CNBC’s Kayla Tausche to capture Dimon’s snarky reply:
Considering in 2011, Dimon took home the title of best paid banker, earning $23.1 million including perks and stock option, we have a hunch that no one in the audience needed to be reminded of his extravagant wealth.
Dimon kept it up. Speaking about the bank's recent proposal to split his role as both Chairman and CEO of JPMorgan, Dimon said:
Despite Dimon's claim, a 2012 study conducted by research management firm GMIRatings found that the five-year shareholder returns were close to 28 percent higher at firms that had a seperate CEO and chairman, CNBC reports.
Finally, on the topic of job security at JPMorgan, Dimon said:
Investor Day is becoming *the* moment for Dimon to put his foot in his mouth. In 2012, Dimon said that journalists are overpaid. The CEO said how much of newspaper company revenue was paid out to employees "just damned outrageous." The median income of an American journalist is $33,802, according to PayScale.
(H/T Business Insider)
CORRECTION: An earlier version of this post incorrectly reported that JPMorgan lost $5.8 billion in the London Whale scandal. The bank suffered more than $6 billion in losses, according to the Wall Street Journal.