Dimon Says JPMorgan Expanding Amid ‘Hostility’ Toward Banks

JPMorgan Chase & Co., the biggest and most profitable U.S. bank, expanded last year amid “hostility” toward the industry and as economic growth stagnated, according to Chairman and Chief Executive Officer Jamie Dimon.

“2011 was another year of challenges, both for JPMorgan Chase and for countries around the world,” Dimon wrote in a year-end e-mail to staff. “There is a lot of frustration out there and more than a little hostility toward our industry.”