Warren Buffett, billionaire investor, reiterated that he is still very confident in the abilities of Jamie Dimon, who is the current CEO of JPMorgan Chase bank. Buffett makes this claim just one day prior to Chase releasing their earnings results. It’s believed that Buffett made this statement to explain the loss that Chase has taken on a specific trade that many people feel was obviously a bad move.
Initially, JPMorgan Chase told the public that the estimated trade loss was going to be somewhere in the neighborhood of $2 billion. This was first disclosed in the month of May. Now Dimon claims that the loss may actually grow further. No specific estimation was given when he made this statement.
It’s important to note that Dimon did apologize to his shareholders for the error, and he did so just days after he initially disclosed the loss. Ina Drew, the former Chief Investment Officer, was also responsible for overseeing the group that made this trade. She has since left the company.
Recently, Warren Buffett, who is the chairman and CEO of Berkshire Hathaway, said that he still holds full faith in Dimon in an interview that he gave on CNBC. He also stated that he believes that Dimon is “one of the best bankers in the world.”