JPMorgan may be one of the world’s largest and most prominent financial institutions, but that doesn’t mean CEO Jamie Dimon can’t loosen up and have a few drinks once in a while, especially after a long day of making tough decisions that affect the health of the world financial system. He is a man, after all. “He said: If we made the wrong decision, I’ll go home, I’ll have a couple of martinis, I’ll wake up the next day and we’ll come back,” Dimon’s former deputy Ron Seiffert tells Bloomberg Markets this week, of a tough decision the CEO made to extend credit to faltering airlines in the wake of 9/11. More recently, the first thing he did when he got home from the emergency, all-hands-on-deck meeting at the Federal Reserve Bank of New York in 2008, according to Too Big to Fail, was mix himself a martini. And on Friday afternoons, you couldn’t tell the corner office at 270 Park Avenue from Don Draper’s on Mad Men.
And this week, what with yesterday’s news of a pending SEC investigation and today’s article detailing the $74.8 billion in nonperforming home loans the bank inherited from Washington Mutual, they might get the F-word and wine. Is it Friday yet?
Dimon Beset by Bad WaMu Loans as JPMorgan Makes Overseas Push [Bloomberg]