The following article is brought to you by Mark DeCambre at NYPost.Com
After a bravura performance testifying on Capitol Hill last year, Jamie Dimon was lauded as the “antithesis” of Goldman Sachs CEO Lloyd Blankfein, who was blasted for his firm’s role in the financial crisis.
Now, little more than a year later, Dimon is feeling the heat, while Blankfein appears to be sitting pretty.
In the wake of a “London Whale” scandal, Dimon’s JPMorgan has received regulatory orders to improve everything from its risk management to its anti-money laundering procedures.
In the latest setback, the top bank regulator, the Office of the Comptroller of the Currency, is investigating JPMorgan’s commodities business headed by executive Blythe Masters.
Dimon’s woes began in earnest last April when he dismissed the emerging “London Whale” trading scandal as a “tempest in a teapot.”
Months later, Dimon is still apologizing to shareholders for $6.2 billion in losses.
“I deeply apologize to you, our shareholders, and to others, including our regulators, who were affected by this mistake,” he wrote last month in a 30-page letter.
JPMorgan is expected to face more regulatory headaches in the coming months.
Meanwhile, Blankfein has rebounded to become a model Wall Street CEO. He has adopted a warmer, fuzzier image as an outspoken advocate for gay marriage and a cheerleader for the US economy.