Hedging Bets

Chin Up for JPMorgan Chase’s Dimon

When I heard JPMorgan Chase honcho Jamie Dimon has been slogging against a justified tide of criticism for his bank’s miserable $2B trading loss last week, and he’s being well advised by his people: Don’t pass the buck, don’t blame anyone, and take your hits.

The Washington Post reported: “Dimon, unusually subdued, told shareholders at the JPMorgan annual  meeting that the company’s mistakes were “self-inflicted.” Speaking with  reporters later, he added: “The buck always stops with me.”

So far, Dimon has avoided any show of arrogance and has maintained a humble position, but even the best rule in Communications 101 — when you screw up, fess up — isn’t working for Dimon. The public has zero sympathy for banks these days, and Dimon’s reputation isn’t helping him much. The Public Relations Society of America has also weighed in on Dimon’s handling of his company’s troubles, calling it a complete PR failure.