Jamie Dimon, J.P. Morgan Chase CEO wants to his employees to rest assured: The largest bank in the U.S. is making compliance and controls its top priority.
In a memo he circulated throughout the entire J.P. Morgan organization on Tuesday, Jamie said the company is taking steps to resolve the many regulatory and legal issues that have arisen in the past few years.
“If you don’t acknowledge mistakes, you can’t fix them and learn from them,” Dimon wrote in the company-wide note. “So now, as in the past, we are recognizing our problems.”
Dimon also said the bank is facing these issues and “rolling up [its] sleeves to fix them.” He outlines three steps the company has already taken toward this effort. First, it has simplified the business plan and refocused priorities. Secondly, it has increased the number of employees dedicated to J.P. Morgan’s control efforts (risk, compliance, legal, finance, technology, oversight and control, and audit) across the company by 4,000 employees since the beginning of 2012. And finally, it is using technology in this effort, increasing technology spend in the area of regulatory and control by 27 percent since 2011.
“In addition to these major initiatives, we are building a more open and transparent relationship with our regulators,” Dimon wrote. “Each Operating Committee member and many of their direct reports meet regularly with regulators to share information and to hear directly from them about any concerns they may have.”
Dimon closes the note, saying this effort is an unprecedented one for J.P. Morgan. “Never before have we focused so much time, effort, brainpower, technological power and money on a single, enterprise-wide objective. Make no mistake—we are going to get this right,” he added.