JPMorgan in No Rush to Pay Back Bailout

JPMorgan CEO Jamie Dimon says after a bank CEO summit with President Obama the company has no timetable to pay back TARP funds or raise money.
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JPMorgan Chase

(JPM) - Get Report

shares sank nearly 6% Friday after CEO Jamie Dimon said March has been "a little tough" and indicated the bank was in no rush to return government bailout money.

Dimon, in an interview on

CNBC

following a meeting with President

Barack Obama

and 14 other bank CEOS, reiterated that the company currently does not have a timetable for when it expects to repay government funds it received from the Troubled Asset Relief Program, or TARP. That being said, Dimon said that the company does not need to raise additional capital at this time.

"I don't think we need equity so I doubt it," Dimon told

CNBC

.

Dimon said JPMorgan wants "to do what's right for JPMorgan Chase and the country." He said the company would take guidance from federal regulators.

"We have upcoming the stress tests and I think it's a way to be very definitive about the strength of some of these financial companies," he said to

CNBC

.

It was Dimon's slightly pessimistic comments on the bank's March results, however, that seemed to

spook the financial sector

.

At the end of February, when the company slashed its dividend, it said at the time that it was "solidly profitable," even after additions to loan loss reserves.

Bank of America

(BAC) - Get Report

CEO Ken Lewis also said that the company's "trading book was not as good in March," in a separate

CNBC

interview. He declined to comment further on the company's results.

BofA shares closed down 3.2% to $7.34 on Friday.

In addition to Dimon, CEOs from

Citigroup

(C) - Get Report

,

Goldman Sachs

(GS) - Get Report

,

Morgan Stanley

(MS) - Get Report

,

Bank of America

(BAC) - Get Report

,

Bank of New York Mellon

(BK) - Get Report

,

Wells Fargo

(WFC) - Get Report

, and

US Bancorp

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met with Obama Friday. The executives discussed the top financial issues the country is facing. The meeting lasted between one and two hours.

After the meeting, Dimon said Obama asked multiple questions and encouraged participation from the group. Obama also set the tone to get banks working together to get the economy working again.

White House Press Secretary Robert Gibbs said Obama urged the executives to deal with the bad assets they own so they can resume lending money to businesses and consumers. He also says the president emphasized that Wall Street needs Main Street and vice versa. The meeting comes as the industry has come under fire from the public and politicians over bonus payments made to executives at bailed out companies like

AIG

(AIG) - Get Report

.

Dimon acknowledged Wall Street pay had "went too far and obviously that's been reined in a lot."

"I should be clear a lot of mistakes were made around compensation," he said. "At JPMorgan Chase we never had golden parachutes, we never had change in control. We already make executives do a lot in stock it has to vest over time."