CEO of JPMorgan, Jamie Dimon, expresses confidence in the upswing of the economy based on the first-quarter results of the New York-based bank. Pointers of this are that the bank had set aside less budget to cover bad loans in its retail banking business, and that housing prices were beginning to improve. The bank funded $53 billion in mortgages, which is 37% higher than last year.
JPMorgan’s structure however, may not be doing as well as the recovering economy. A year ago, they reported a surprise trading loss, which lead to management changes, a pay cut to Dimon as CEO, and being held under a magnifying glass by the SEC.
Dimon explained the banks “top priority” was make sure it is in compliance with regulations, and that “there is room for compromise in meeting our obligations to comply with new regulatory requirements and ensure that our systems, practices, controls, technology and, above all, culture meet the highest standards”.
Despite that downfall, the bank made $6.1 billion in the first quarter, after paying out preferred shareholders. That same quarter last year came in at 36% less, with a profit of $4.6 billion.
We will keep an eye on their internal control reports and let you know about the progress they are claiming they are making in their efforts to make their company a better and safer investment.
