JPMorgan Chase’s loss of $2 Billion in proprietary trading losses reported yesterday by egg-on-the-face CEO Jamie Dimon only helps to show the banks true colors – a relentless quest for profits above all else.
JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money.
A reader remembers Dimon commenting on Google’s “Don’t be Evil” motto: “We have a motto too. It’s make more money.”
This loss can only mean that Chase will try to boost it’s profits by sucking more fees out of customers.