JPMorgan passes up chance to counter Sanders' criticism

Reuters News
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Posted: Apr 13, 2016 3:50 PM

By David Henry

NEW YORK (Reuters) - JPMorgan Chase & Co has been lambasted by Democratic presidential candidate Bernie Sanders, but Chief Executive Jamie Dimon opted not to fire back on Wednesday while reviewing quarterly results and taking questions about his latest failure with regulators.

"No comment," Dimon quickly responded on a conference call with reporters when asked about Sanders' recent statement that JPMorgan was among companies destroying the moral fabric of the nation.

Nor was Dimon willing to respond to a follow-up question about the tone of the U.S. presidential campaign. To drive home the refusal, his top communications adviser, Joseph Evangelisti, stepped in and said, "We're not going to comment on political statements."

Dimon also turned away from the chance to make his case again that JPMorgan's size is an advantage. In the past he has argued that JPMorgan, the biggest U.S. bank by assets, is good for customers, shareholders and the country because of the stability and efficiency that come with its scale and diverse mix of business.

JPMorgan's earnings came on the same day that federal regulators gave the bank and four other big banks a failing grade for their plans to show that they can be quickly and safely dismantled in bankruptcy.

Dimon said JPMorgan will correct its plan.

(Reporting by David Henry in New York; Editing by Lauren Tara LaCapra and Jonathan Oatis)