JP Morgan missed its lowered guidance this morning and set aside another billion for upcoming legal costs. More like “illegal costs” because it’s their illegal conduct that has caused these expenses. It has slowly been getting harder for the big banks to make their usual fixing, front running, double-dealing, cheating, profits over the past couple of quarters. This clip offers a good discussion of the rampant abuse at banks globally and the range of criminal investigations yet to be concluded. There is much more to come.
Bloomberg Contributing Editor Bill Cohan and Bloomberg’s Eric Schatzker discuss banking industry and Jamie Dimon’s return from sickness to helm JP Morgan. Here is a direct video link.