U.S. Deal With JPMorgan Followed a Crucial Call
By BEN PROTESS and JESSICA SILVER-GREENBERG, NYT
At a museum on Fifth Avenue, in a sparkling reception hall overlooking Central Park, Jamie Dimon convened his top executives and their spouses last month for the Wall Street equivalent of a pep rally.
“I’m proud of the company,” Mr. Dimon, the chief executive of JPMorgan Chase, said at the event, held at the Museum of the City of New York, a mansion with a marble staircase and French doors. According to people who attended, Mr. Dimon said, “We will get through all of this,” referring to the legal and regulatory woes dogging the nation’s biggest bank.
The next week, Mr. Dimon aimed to put one of those woes behind him.
On Sept. 24, four hours before the Justice Department was planning to hold a news conference to announce civil charges against the bank over its sale of troubled mortgage investments, Mr. Dimon personally called one of Attorney General Eric H. Holder Jr.’s top lieutenants to reopen settlement talks, people briefed on the talks said. The rare outreach from a Wall Street C.E.O. scuttled the news conference and set in motion weeks of negotiations that have culminated in a tentative $13 billion deal, according to the people briefed on the talks.
(More here.)
At a museum on Fifth Avenue, in a sparkling reception hall overlooking Central Park, Jamie Dimon convened his top executives and their spouses last month for the Wall Street equivalent of a pep rally.
“I’m proud of the company,” Mr. Dimon, the chief executive of JPMorgan Chase, said at the event, held at the Museum of the City of New York, a mansion with a marble staircase and French doors. According to people who attended, Mr. Dimon said, “We will get through all of this,” referring to the legal and regulatory woes dogging the nation’s biggest bank.
The next week, Mr. Dimon aimed to put one of those woes behind him.
On Sept. 24, four hours before the Justice Department was planning to hold a news conference to announce civil charges against the bank over its sale of troubled mortgage investments, Mr. Dimon personally called one of Attorney General Eric H. Holder Jr.’s top lieutenants to reopen settlement talks, people briefed on the talks said. The rare outreach from a Wall Street C.E.O. scuttled the news conference and set in motion weeks of negotiations that have culminated in a tentative $13 billion deal, according to the people briefed on the talks.
(More here.)
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