Friday, March 27, 2009

Janus Dimon speaks with bullisht tounge

Feb 23 -On a conference call Jamie Dimon said the lender was “solidly profitable quarter-to-date” and its outlook for the quarter was “in line with analysts’ expectations.”

March 11 -Jamie Dimon, the chief executive of JPMorgan Chase, said Wednesday that the bank was profitable in January and February, echoing a similar statement made earlier this week by Vikram Pandit, chief executive of Citigroup.

March 12 -JPMorgan Chase CEO Jamie Dimon told an audience at a US Chamber of Commerce event Tuesday that he sees 'modest signs' of an economic recovery.

(Rock on, get them rally monkeys out. Banks are going to the moon baby ....

March 24 -JPMorgan Chase , the second-largest U.S. bank, slashed its common stock dividend 87 percent on Monday, a surprise move by a lender considered among the strongest in the U.S. financial sector. "Extraordinary times must call for extraordinary measures," Chief Executive Jamie Dimon said on a conference call. He said JPMorgan was "not asked by anybody" to cut the payout, but did so out of a "normal abundance of caution."

By Josh Fineman
March 26 (Bloomberg)

JPMorgan Chase & Co. will delay contributions to 401(k) retirement plans for salaried employees until the end of the year and may reduce the payments, according to a person who received a company memo on the changes.

Workers making $50,000 to $250,000 annually will cease getting the contributions every two weeks and may see the benefits adjusted to a yet-to-be-decided amount, according to the person, who declined to be identified because the New York- based bank hasn’t disclosed the new policy. The dollar-to-dollar match for those earning less than $50,000 won’t change, the person said.

JPMorgan, which is the biggest U.S. bank by deposits and has a global workforce of about 200,000, doesn’t contribute to retirement plans of employees with annual salaries of more than $250,000.

(I'm sure JPMorgan employees appreciate the bosses' abundant caution given that the bank is solidly profitable and there are modest signs of an economic recovery.-AM)

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