FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that JPMorgan Chase & Co (NYSE:JPM) Chairman and CEO Jamie Dimon plans on spending billions of dollars to “upgrade compliance” system and build a “regulatory moat” to protect the bank. Gasparino went on to report, that Jamie Dimon does expect “a year of regulatory headaches.”
Excerpts from the report are below.
On JPMorgan Chase spending billions of dollars to upgrade compliance system:
“Dimon is telling people inside the bank that he is going to spend billions, talking about billions, with what the FOX Business Network has learned, to upgrade compliance to build what he has termed a regulatory moat…just to protect the bank. A set of systems, billions of dollars worth of systems to protect the bank from just about any sort of potential large scandal like the London Whale and other things in the future. When is he going to finish this, who knows. I think it’s a year progress, that’s what they are talking about, they’re going to do it for the next year. Dimon does expect from what we understand, this is sources telling the FOX Business Network, a year of regulatory headaches.”
