JP Morgan Chase changing strategy, harmony on the surface but struggle inside

19 September 2013
http://www.wongsir.com.hk/index.php/2008-07-21-20-05-17-sp-1127164607/7128-2013-09-19-03-41-51

(Translation version)
Written by 王冠一 (http://www.wongsir.com.hk)

JP Morgan Chase CEO Jamie Dimon initiative adjusted the group strategy to deploy recently, but this did not represent him to plan the change to the large-scale bank management pattern inherent manner.

As JP Morgan Chase has 260K staffs all over the world, the contrary situation is unavoidable, however, those occurs in JP Morgan Chase seems endless. Many politicians hope “London whale incident” can frustrate Dimon's arrogance as early as it can, even if it can compels him to leave office, at least it maybe compel to JP Morgan Chase to take the lead to give up the bank supermarket pattern. Therefore various financial supervising and managing institution omni-directional in view of JP Morgan Chase for many years to monitor a series of contrary behaviors and takes the action, expected to exerts pressure which  may submit to Dimon.

In “London whale incident”, JP Morgan Chase estimated to compensate at least 700 million US$ to British and American Supervising and managing Institution, and recently JP Morgan Chase also involves into credit card account safeguard (Payment Protection) false service charges - to refer the misleading customer, it is unclear confession related expense which had not been only attaches the service, thus possibly needed to fine 60M US$ to Office of the Comptroller of the Currency and 20M US$ to Consumer Finance Protection Bureau.

Also JP Morgan Chase had a suspected processing mistakes which related to debt customer account(Abuse of Debt Collection), it is pointed that they are not clearly demonstrate the debt customer of funds returing record and newest debt situation; Moreover JP Morgan Chase is suspected to Energy futures price index manipulation, Chinese business bribery, MBS sales practices and other activities were not real.

However, Dimon is aggressive and he will absolutely not to yield. He uses this chance to adaptable. Recently he is high-sounding to talk appealed to the staff to take preparation for future battle. This is implied that JP Morgan Chase can fight to the bitter end with the supervising and managing institution.

Dimon adopts the simplification but not thin body of company structure strategy: Increase hiring 3,000 people to deal with the supervising and managing organization for future lawsuit, and they also increasing risk management budgets to 1B US$ this year to strengthens the risk management team; Moreover they continue to sell the non-core business, it includes spin-off private equity fund, selling commodity exchange service, the suspension of sales student loans, and they are also examining the overseas bank service. The goal is only for decreaseing the opportunity of supervision from supervising and managing institution in future. Most important is strengthens the national service, the nationa manpower increases instead of decreases.(What comes having of the thin body?)

Before, former Treasury Secretary Summers Lawrence Summers personally set free the financial derivation tool market, who formally abandoned race next Fed Chairman, it may not be a good news which refer to Dimon. According to style of Janet Yellen who has been attended Clinton economical staff period, she supported to restore Glass-Steagall Act (i.e. Which requires the separation of commercial banking and investment banking).Damon seems to realize the smart, the challenge for the major banks is far from disappearing, it is better gearing up adopted piecemeal.

摩通變陣 明和暗鬥
Written by 王冠一財經頻道

摩根大通行政總裁戴蒙 (Jamie Dimon)，近日主動調整集團策略部署，但這並不代表他打算改變對大型銀行經營模式的固有態度。

摩通全球有 26 萬員工，違規情況難免，然而，發生在摩通身上的情況似乎沒完沒了。不少政客其實早在摩通的「倫敦鯨事件」發生後，便希望能夠挫挫戴蒙銳氣，甚至逼他下台，或至少能夠逼摩通帶頭放棄銀行超市模式。各金融監管機關於是全方位針對摩通多年來一系列違規行為並採取行動，期望施壓可以令戴蒙屈服。

單就「倫敦鯨事件」，估計摩通便要向英美監管機關賠償至少 7 億美元；近日摩通又牽涉信用卡簽帳保障 (Payment Protection) 服務收費不實 － 被指誤導客戶，未清楚交代有關費用是只是附加服務，因而可能需要分別罰款 6,000 萬美元予貨幣監理署 (Office of the Comptroller of the Currency) 及 2,000 萬美元予消費者金融保障局 (Consumer Finance Protection Bureau)。

除此以外，摩通又涉嫌處理欠債客戶帳目時犯錯（所謂 Abuse of Debt Collection），被指未有清楚顯示欠債客戶的還款與最新負債情況；另外摩通又涉嫌能源期貨價格指數操控、中國業務行賄、銷售 MBS 手法不實等活動。

然而，好勝的戴蒙，斷不會輕易屈服。他反而借機變陣，近日還高調呼籲員工做好心理準備，準備未來的連場硬仗。言下之意，他已申明摩通會跟監管機關周旋到底。

戴蒙採取精簡而不瘦身的策略：增聘 3,000 人應付監管機構與訴訟，今年並且增加風險管理預算 10 億美元，以強化風險管理團隊；另外又繼續出售非核心業務，包括分拆私募基金、出售商品交易業務、停售學生貸款，並正檢討海外銀行業務，目的只為減低日後被監管機關刁難的機會。最重要是強化本土業務，本土人手不減反增。（何來瘦身之有？）

昔日親手放生金融衍生工具市場，不受監管的前財長薩默斯 (Lawrence Summers)，正式放棄角逐下任聯儲局主席，對戴蒙來講，反而未必是好消息。因為據聞目前大熱耶倫 (Janet Yellen)，昔日出席克林頓經濟幕僚期間，曾支持恢復 Glass-Steagall Act（即要求商業銀行與投資銀行分家）。聰明的戴蒙似乎意識到，針對大型銀行的挑戰遠未消失，倒不如整裝待發，準備見招拆招。

王冠一財經頻道