Blackrock’s Fink Says Dimon ‘Inflamed’ Scrutiny of Losses
JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon “inflamed” public debate over a trade in London that has so far cost at least $2 billion, BlackRock Inc. (BLK) CEO Larry Fink said.
Dimon has represented the bank “fantastically” in the past, “but I think in this case I think he enlarged the issue,” Fink, whose company is the world’s biggest money manager, said in an interview today on CNBC.
Dimon dismissed press reports in early April that the bank’s chief investment office had built up an illiquid position in credit derivatives, calling them a “tempest in a teapot.” He recanted after the bank on May 10 disclosed the loss, which he said could grow by $1 billion or more. Dimon later said his previous comments were “dead wrong.”
“It became inflamed somewhat by the reaction by JPMorgan,” Fink said. “I don’t think it’s a big issue. I think it may be more costly than $2 billion as they unwind it.”
To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net
BlackRock CEO Larry Fink
Jerome Favre/Bloomberg
Laurence "Larry" D. Fink, chairman, chief executive officer and co-founder of BlackRock Inc.
Laurence "Larry" D. Fink, chairman, chief executive officer and co-founder of BlackRock Inc. Photographer: Jerome Favre/Bloomberg
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.