Bloomberg:
(Bloomberg) -- JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he regrets using the Federal Deposit Insurance Corp.’s guarantee program to issue $40 billion in unsecured debt during the height of the financial crisis.
“We didn’t need it,” Dimon, 54, said in his annual letter to shareholders, which was released yesterday. “And it just added to the argument that all banks had been bailed out and fueled the anger directed toward banks.”
Dimon said the New York-based company was “highly criticized” for issuing debt backed by the FDIC and for accepting $25 billion from the Troubled Asset Relief Program. The company repaid all TARP funds in June, stopped using the FDIC’s program last April and shunned participation in other federal programs “to avoid the stigma,” he said.
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Dimon, who took over as CEO in 2005, said his “No. 1 priority” this year is to find his successor.
Internal Candidates
“Poor CEO succession has destroyed many a company,” Dimon said, adding that the board believes there are several strong internal candidates that could “do my job today.” He said JPMorgan will continue rotating senior staff across the business to ensure they could smoothly take over the company.
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