Show Hide image

JP Morgan boss criticises blanket bashing of the banking industry.

JP Morgan CEO has delivered a speech to the 2011 World Economic Forum.

In a speech delivered at the 2011 World Economic Forum in Davos, JP Morgan CEO Jamie Dimon has expressed criticism of bank bashing, in particular the tendency to view all institutions in the same light.

JP Morgan was one of the banks which didn't seek relief under the US government's Troubled Asset Relief Program. Highlighting that not all banks suffered in the same way during the financial crisis, or dealt with the difficulties in the same way, Dimon said

"That one assumption drives a lot of arguments."

Drawing a parallel with the media industry, Dimon stated:

"I don't lump all the media together. There's good, there's bad, there's smart, there's responsible, there's irresponsible media. I don't put them all together. It's an unproductive and unfair way of treating people."

JP Morgan was indeed relatively strong during the financial crisis; in his speech to the Forum Mr. Dimon reminded the audience that the firm had acted to stabilise the situation through its buying of firms Bear Sterns and Washington Mutual.

Mr. Dimon's comments reflect the general view of leading bankers attending the summit, who have spoken out against those who continue to attack the banking sector.