JPMorgan CEO Jamie Dimon calls Frank acquisition a 'huge mistake'

in the run up to the bank's investor day last May.

"We'll tell you the lesson we learned here when this thing is out of litigation. But we're quite comfortable," Dimon said of his bank's acquisition due diligence. Dimon sidestepped Mayo's questions about which executives within the bank bear responsibility for Frank — as well as other fintech purchases, should they run into similar issues.

But JPMorgan's aggressive approach to investing in startups hasn't been limited to its consumer banking efforts. In 2020,how JPMorgan spun up a"rapid proof-of-concept" model to speed along startup investments within its corporate and investment banking division. That team was headed by Michael Elanjian, who now leads digital investment banking at JPMorgan, according to his LinkedIn.

Yeppers

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JPMorgan Q4 earnings beat forecasts, CEO Jamie Dimon warns of economic uncertaintiesJPMorgan reports a Q4 earnings beat – but CEO Jamie Dimon warns of economic uncertainty ahead 'consumers still spending excess cash' - Cash they don't have. Credit Card debt at all time high. Savings rate at all time low. Credit Card interest fees at all time high. What could possibly go wrong? 👀 There is always economic uncertainty ahead.
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