JP Morgan Chase; The Good And The Bad
Interesting days for JP Morgan Chase, if you ask me.
On the financial front, things look pretty good. They just reported another profitable quarter, $3.3 billion in profits, up 55% from last year at this time. Sure, last year was bad for awhile, but no one scoffs much as that type of profit number. They’ve also announced that they’re planning on creating about 9,000 new jobs in the United States.
Chase is an investment bank, which is where they’re doing well. Where they’re still in trouble is the mortgage market, which lost $131 million, and its credit card services, which lost $303 million, which is actually better than last year at this time by around 45%, so they’re seeing that as a success as well.
So then, why are the students at Syracuse University upset that Jamie Dimon, CEO of Chase, been named as the keynote speaker at graduation this year? It seems that a petition has popped up on Facebook railing against his coming to the university; here’s what it says:
“We, the students, alumni and friends of the university, are against using the 2010 commencement to restore the public image of the banking industry and validate the anti-environmental and anti-humanitarian interests of JP Morgan Chase. We demand a graduation speaker sensitive to the current global climate that this class is poised to inherent on May 16th, 2010.”
Pretty strong words from a bunch of college kids, one has to say. I’m going this direction. Yes, I’m still mad at the major banks, whom I still believe helped to exacerbate the financial problems that this country is facing even today. I don’t think they did it all themselves, but they’re certainly a major contributory. But some of them have been able to turn themselves around, and certainly Chase might have done it without Jamie Dimon at the helm, but they might not have, and one can’t argue with the success since he’s been there. I think he’s a quality choice as a commencement speaker. And the chancellor, who happens to be very popular in this area, supports his coming, so that’s pretty much that.
Chase is smiling these days; for the country’s sake, let’s hope that continues for awhile longer.