Two giant JPMorgan profiles landed this week, and it was a familiar character who delivered some of the more memorable lines in each of them. James Bainbridge Lee Jr.—better, Jimmy—is the legendary deal maker this paper once described as “the maestro of the syndicated loan market, Wall Street’s most famous corporate bailout artist,” now the vice chairman for investment banking at JPMorgan.
That position—and, we suppose, that he was willing to pick up the phone and go on record—made him a natural source for Vanity Fair’s profile of Jamie Dimon, in which Mr. Lee offers the first (and last?) word on the JPMorgan chief executive (“[He] has moral courage running through his veins”); and also serves as a catalyst for the tidbit VF used to hype the story—in the middle of the hubbub over the London Whale, Mr. Lee asked New England Patriots quarterback to tell Mr. Dimon “to hang in there.“
DIMON IN THE ROUGH
Jamie Dimon is slated to testify on JPMorgan’s recent $2.3 billion (and counting) in trading losses at a Senate Banking Committee hearing tomorrow, and his prepared remarks are getting around. It’s banal stuff, and if you want to know just how banal, a good test would be to read Mr. Dimon’s testimony against Read More
John Coates ran a derivatives desk at Deutsche Bank until he got more interested in traders than trading. During the tech bubbled he’d noticed traders seemed biologically transformed by the go-go market. In 2005, he took saliva swabs from 250 bankers, and discovered that traders made more money on mornings when their levels were high, Read More
A bug in JPMorgan’s chief investment office led to discord. A glitch in Nasdaq’s system delayed Facebook’s IPO. The next big insider trading trial opens today. And more, in today’s Wall Street roundup.
Down-tick: The London and New York desks of JPMorgan’s chief investment office had long been at odds, and shouting matches were common Read More
DIMON IN THE ROUGH
Ina Drew is out, and the crisis-loving head of JPMorgan’s chief investment office tossed overboard after the lender disclosed massive trading losses last week has been replaced by Matt Zames, co-head of global fixed income and a newly-minted member of the firm’s operating committee. Who is Matt Zames?
For one thing, Read More
Three JPMorgan executives tied to the massive trading losses announced last week are expected to resign, Yahoo CEO Scott Thompson stands aside and a hedge fund calls for Aubrey McClendon’s head. Here’s the morning Wall Street roundup:
JPMorgan’s massive, “flawed complex, poorly reviewed” $2 billion-losing hedging strategy announced by Jamie Dimon on May 10 has sent one exec head rolling: chief investment officer Ina R. Drew will resign ”as early as Monday,” according to the Times. Ms. Drew has been among the bank’s most well-paid officers and one of the most high-profile women on Wall Street. The Times reports Ms. Drew has been trying to leave for weeks: