Jamie Dimon was talking about the business climate, not the polar vortex that gripped much of the U.S. this winter, when he mentioned 'weather' in a discussion about a slump in trading revenue at JPMorgan.
Bloomberg reports that the audience took him more literally.
'That’s just the weather', Dimon, the bank’s chairman and chief executive officer, said in an annual presentation to investors at the firm’s New York headquarters Tuesday, referring to the drop. Trading revenue is down about 15% so far this year compared with the same period in 2013, he said.
The comments prompted at least three analysts to attribute the decline to the winter season, which has caused above-average snow cover across the Midwest and Northeast in the coldest start to the year since 2011.
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