Jamie Dimon

JPMorgan acquired fintech company Frank for $175 million. Authorities subsequently accused its founder Charlie Javice of fabricating data suggesting 4.25 million users when the company had fewer than 300,000. Dimon publicly described the acquisition as a "huge mistake"; the episode also prompted scrutiny of JPMorgan's acquisition due diligence.

State of the evidence

Documented

Attribution

Protagonist is the victim

Donald Trump and related entities sued JPMorgan Chase and Jamie Dimon in Florida for $5 billion, alleging that account closures after 2021 were politically motivated and that Dimon had participated in a blacklisting mechanism. The case became a prominent example in the US debate over "debanking".

State of the evidence

Allegations

Attribution

Accused

Following publication of documents describing a 2009 exchange concerning the British tax on bonuses, Senator Elizabeth Warren asked Dimon whether he might have lobbied the British government by following, directly or indirectly, an idea attributed to Epstein.

State of the evidence

Reported by the press

Attribution

Directly implicated

Dimon met British Prime Minister Andy Burnham and Chancellor John Healey amid concerns that the budget would raise bank taxes. He warned that an increase could reduce investment and employment and again linked the issue to London's attractiveness and JPMorgan's planned Canary Wharf headquarters, estimated to cost approximately £3 billion.

State of the evidence

Documented

Attribution

Direct responsibility

JPMorgan required a large proportion of employees to return to the office five days a week. At a town hall meeting, Dimon bluntly rejected an internal petition seeking greater flexibility and emphasised efficiency and managerial accountability.

State of the evidence

Documented

Attribution

Direct responsibility

US regulators found that JPMorgan had failed to properly monitor billions of trading instances across at least thirty global platforms. The OCC imposed $250 million, the Fed a coordinated penalty and the CFTC $200 million with crediting arrangements, for an aggregate cost of approximately $450 million according to the bank's subsequent disclosures.

State of the evidence

Documented

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

JPMorgan retained Jeffrey Epstein as a client until 2013, several years after his 2008 conviction, despite internal warning signs revealed in subsequent litigation. In 2023, Dimon gave evidence under oath in a deposition. The bank subsequently reached a settlement of approximately $290 million with a class of victims and another of $75 million with the US Virgin Islands.

State of the evidence

Settlement

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

Shareholder pension funds sued Dimon and several directors, alleging insufficient oversight of JPMorgan's relationship with Epstein. A federal judge dismissed the action.

State of the evidence

Documented

Attribution

Accused

JPMorgan's board awarded Dimon a special stock option grant valued at approximately $52.6 million to encourage him to remain for several years. In May 2022, only 31 % of votes cast approved executive remuneration, an unusually strong rebuke.

State of the evidence

Documented

Attribution

Personally implicated

The SEC and CFTC found widespread and prolonged use of text messages, WhatsApp and personal email accounts for business activities, including by senior employees, without compliant record retention. JPMorgan admitted the facts and paid $125 million to the SEC and $75 million to the CFTC.

State of the evidence

Admitted by the person

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

At an event in the United States, Dimon joked that JPMorgan and the Chinese Communist Party were both celebrating their centenary and that he would bet his bank would last longer. The remark created diplomatic and commercial risks as JPMorgan expanded its activities in China.

State of the evidence

Documented

Attribution

Personally implicated

The DOJ, CFTC and SEC penalised JPMorgan over manipulation and spoofing schemes spanning at least eight years, involving hundreds of thousands of deceptive orders in precious metals and Treasury markets. The overall settlement exceeded $920 million and included a deferred prosecution agreement.

State of the evidence

Documented

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

The OCC fined JPMorgan Chase Bank $250 million for inadequate internal controls and auditing of its fiduciary activities, finding that the framework intended to prevent conflicts of interest was deficient.

State of the evidence

Documented

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

Dimon described bitcoin as a "fraud", predicted that it would end badly and stated that he would immediately dismiss a JPMorgan trader who speculated in it, attracting strong criticism from the cryptocurrency sector while his own bank was exploring blockchain applications.

State of the evidence

Documented

Attribution

Personally implicated

JPMorgan Chase & Co. agreed to plead guilty to one count of conspiracy to manipulate the price of US dollars and euros in the spot foreign exchange market. The Department of Justice described traders coordinating their positions and bids in private chat rooms; the plea was subsequently accepted by the court.

State of the evidence

Established by a court

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

The US government brought and subsequently settled discrimination allegations against JPMorgan Chase concerning lending practices: African-American and Hispanic borrowers allegedly paid higher rates and fees than comparable white borrowers in the wholesale channel.

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

US authorities concluded that JPMorgan had used a recruitment programme in Asia involving relatives of public officials and executives of client companies to win or retain business. Combined SEC, DOJ and Fed penalties exceeded $264 million.

State of the evidence

Documented

Legal status — source text

corporate_fCPA_settlement_no_personal_charge_against_dimon

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

The US Trustee Program reached a settlement of more than $50 million with JPMorgan Chase over practices in bankruptcy proceedings, including more than 50,000 notices of payment changes signed under penalty of perjury by people who had not verified their accuracy.

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

The CFPB and states penalised JPMorgan Chase for selling defective credit-card debts and using robo-signed documents. The bank was required to pay at least $50 million in refunds, $136 million in penalties and payments, and cease all collection attempts on more than 528,000 accounts.

State of the evidence

Documented

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

JPMorgan, Bernard Madoff's longstanding bank, faced criminal allegations concerning two violations of the Bank Secrecy Act and accepted a deferred prosecution agreement involving admissions of fact and $1.7 billion for victims. FinCEN separately found that the bank had failed to report suspicious transactions.

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

When initial reports about the Chief Investment Office positions emerged, Dimon described them as a "tempest in a teapot". Losses ultimately exceeded $6 billion. Regulators subsequently penalised JPMorgan for failures in controls, valuation and reporting; the bank admitted certain facts.

State of the evidence

Admitted by the person

Attribution

Direct responsibility

FERC concluded that a JPMorgan subsidiary had used twelve manipulative bidding strategies in California and Midwestern electricity markets to obtain above-market payments. The settlement included a $285 million penalty and $125 million in disgorgement.

State of the evidence

Documented

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

JPMorgan reached a $13 billion settlement with US authorities concerning the marketing of mortgage-backed securities by JPMorgan, Bear Stearns and Washington Mutual before 2009. Under the agreement, the bank acknowledged serious misrepresentations to the public concerning several transactions.

State of the evidence

Settlement

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

JPMorgan was among five major mortgage servicers covered by the $25 billion federal-state settlement concerning mortgage servicing and foreclosure abuses, including robo-signing, defective documentation and lost files. The settlement required payments and new oversight standards.

State of the evidence

Settlement

Attribution

Indirectly implicated

Role of the person profiled

Protagonist not prosecuted

Jamie Dimon, then president of Citigroup and long regarded as Sandy Weill's successor, abruptly left the group several weeks after the Citicorp-Travelers merger. Contemporary reports described a power struggle, tensions with other executives and criticism of a management style considered highly controlling.

State of the evidence

Documented

Attribution

Direct responsibility