JP Morgan Chase CEO goes on apology tour
The bank’s CEO admits to ‘egregious mistakes,’ but it may be impossible to talk his way out of damage from the bank’s recent $2 billion loss.
“These were egregious mistakes; they were self-inflicted,” he said, later noting, “I understand fully why you, or anyone else, would question us generally.”
On Sunday’s “Meet the Press,” Dimon continued that line. “We made a terrible, egregious mistake,” he said. “There’s almost no excuse for it.” Monday, the bank announced the retirement of its CIO, and rumors abound that more executives might be on their way out.
Crisis communications experts agree that the firm’s approach to communications in the wake of the loss has been spot-on, but some question how effective it can be in an environment where so many people just plain hate big banks.
Grading the response
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