JPMorgan boss Jamie Dimon is hoping to rebound from an
embarrassing and costly trading blunder when the bank kicks off Wall Street’s
second-quarter earnings season tomorrow, the NY Post reports.
The bank is expected to report around $4 billion in profits
despite a massive trading debacle that blew a $5 billion hole in the bank’s
balance sheet and badly bruised Dimon’s image.
With the white-hot focus on its trading losses, Dimon is hosting
an unusual investor meeting at the bank’s Park Avenue headquarters instead of
holding the customary conference call. The nation’s biggest bank will likely benefit from the sale
of billions in securities and funky accounting rules that allow it to book
profits tied to falling debt values, in particular with the world’s economy on
edge. JPMorgan has also made big bets on
the US economy and believes that despite economic head winds, the markets are
starting to turn a corner.
The bank is also expected to tell investors that it has
unwound more than 90 percent of the complicated derivatives trade that
delivered a blow to its balance sheet….
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