JPMorgan CEO warns employees to brace themselves

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JPMorgan Chase CEO Jamie Dimon told employees to prepare for more legal woes while the bank undertakes an 'unprecedented effort' to comply with regulations.

'We are all well aware of the news around the legal and regulatory issues facing our company, and in the coming weeks and months we need to be braced for more to come', Dimon said Tuesday in an e-mail to JPMorgan employees.

The bank is facing a number of legal and regulatory headaches at the moment, with the fines relating to the infamous London Whale episode likely to hit $750m alone.

Bloomberg News reports that at least 5,000 people at the New York-based company have been assigned to compliance, he said.

JPMorgan is simplifying its business by eliminating products and services that aren’t central to its operations, Dimon said. The bank quit student lending, is getting out of physical commodities sales and trading, and will cut use of outside vendors, he said. JPMorgan is also reviewing ties with foreign banks while seeking to strengthen anti-money laundering controls, he said.

Hit the link below to access the complete Bloomberg article:

Dimon Tells JPMorgan to Brace for More Regulatory Woes

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