J.P. Morgan’s Dimon Gets Free Pass from Capitol Hill
Wednesday was J.P. Morgan Chief Executive Jamie Dimon’s 57th birthday. He received a gift from the unlikeliest of sources: Capitol Hill.
A Senate panel probing the $6 billion “London Whale” trading debacle has called a host of current and former J.P. Morgan executives to testify on Friday, including former Chief Investment Officer Ina Drew, who will be making her first public comments since abruptly retiring days after the series of botched derivatives came to public light. Dimon’s name was surprisingly absent from the witness list.
A spokesperson for the Senate Permanent Subcommittee on Investigations told Reuters that J.P. Morgan’s top man was excused from the proceedings because he had already testified twice before congressional panels. True – but the decision is no less serendipitous for Dimon, whom many expected to be called to testify yet again.
Friday’s panel should be a more heated affair than earlier congressional hearings, when Dimon admitted that he was “dead wrong” for publicly dismissing early reports of the trading fiasco. Chaired by retiring Senator Carl Levin, a Michigan Democrat, the panel has spent months preparing for Friday, and is armed with hundreds of interviews and piles of evidence previous committees might not have had access to.
The Permanent Subcommittee on Investigations is also known for asking tough questions. Just ask Goldman Sachs executives, whom Levin grilled for a full day in 2010 over failed mortgage bonds.
It’s bound to get ugly. Mr. Dimon: You should be celebrating.
Marex Hiring Spree (Financial News)
Marex Spectron continues to expand in Asia. The commodities futures brokerage house made three senior hires recently, and anticipates increasing headcount in Singapore from 18 to 40.
Carnage at Nomura’s Equities Business (eFinancialCareers)
First it was M&A, now it seems that Nomura is taking an axe to headcount in its equities business too. Headhunters told eFC that Nomura’s equities headcount has been reduced quite substantially in London, with utilities, healthcare and pharmaceutical research teams and a senior banking analyst among the victims.
Picking Up the Tab (Bloomberg)
A Brazilian court has ordered Bank of America’s Merrill Lynch unit to pay a former employee $76,500 for the five days he spent in prison over allegations that he helped Merrill clients make illegal overseas money transfers.
Female economists appear to rise to the level of central bank president more often in emerging markets than advanced ones. Europe and the U.S. have a particularly poor record of gender diversity at the highest levels of their central banks.
A Personal Interest (Bloomberg)
J.P. Morgan Chief Executive Officer Jamie Dimon has a lot riding on the Federal Reserve’s upcoming decision as to whether it will allow the bank to increase its dividend. With his roughly 6 million shares, Dimon could miss out on $1.39 million a year if the Fed doesn’t give J.P. Morgan the green light.
A group of private equity executives raised well over $1 million for charity at a recent silent auction. One of the most sought-after prizes was a dinner for 10 cooked by a dozen of the industry’s most senior women.
Covert Interviews (Business Insider)
Midtown Manhattan eatery Restaurant Thalia has billed itself as the “perfect place for covert job interviews.” If you’re really struggling, stop by and drop off a stack of resumes.
Buzz Around the Office
Doctors in Brazil are facing heat after a news report accused them of using fake silicone fingers to fool biometric time card machines. The daughter of the emergency room head had reportedly not been to work in three years, but had been clocking in and out.
List of the Day: Alternative Strategies
If applying to jobs through traditional means isn’t working for you, try thinking outside the box.
- Create a website with your resume and accomplishments.
- Use your college’s career center.
- Go to happy hour.
