Dimon G.ezer - JPMorgan's Investment Bank Delivers
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CEO Jamie Dimon said in a statement: 'We are confident that even a highly adverse economic scenario would not compromise our overall strength and stability - or our ability to enhance our franchises.....We remain well-positioned to benefit when the economy recovers and remain committed to serving our clients, investing in our franchise and building a stronger company for future'.
Dimon also said that JPMorgan could pay back its TARP borrowing 'tomorrow', and that it was waiting to receive guidance from the US government about when it can do so. He also said that his firm wouldn't be taking part in the government's Public-Private Investment Partnership, which is aimed at getting toxic assets off bank balance sheets. Dimon said: 'We have no intent on using PPIP at all. We don't need it. We have our own assets. If we want to sell them, we'll sell them.....If we want to buy them, we'll buy them'.
In the meantime, Reuters reports that hedge fund manager Crispin Odey has said that the current rally in equity markets may well be the start of a new bull run. In a note to clients, Odey said that 'opinion is divided over whether this is a bear market rally, or the beginning of a new bull market. I think it has a chance to be a new bull market'.
Finally, the news agency also reports that Barclays President Bob Diamond said that the recent improvement in bank earnings seen by the likes of Goldman, JPMorgan and Wells Fargo indicates that first-quarter earnings are not a 'one-off'. Speaking on Bloomberg TV, Diamond said that 'you have to look at which banks have improved their competitive position during this period, and in that regard I don't think it's a one-off'. He also reconfirmed that Barclays had got off to a good start to the year.
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