Jamie and Eli can drown their sorrows together.
Two of New York’s most out-sized champions, JPMorgan Chase CEO Jamie Dimon and Giants QB Eli Manning, are finding they have a lot in common lately — not performing at the top of their games.
Manning’s troubles have unfurled over the last six weeks as his poor play has resulted in a 0-6 record, his worst start ever.
For Dimon, JPM on Friday reported a $380 million third-quarter loss — his first quarterly loss since taking over the bank in 2004.
The loss, compared to a $5.7 billion profit last year, was the result of $9.2 billion in litigation expenses.
Dimon led the bank to record profits in each of the past three years. Revenue in the quarter fell 7.7 percent, to $23.9 million, and missed expectations.
The loss comes more than a year after Dimon suffered a $6.2 billion hit to the sprawling firm’s balance sheet resulting from the London Whale trading scandal — a slip-up critics of Dimon will attribute to a Manning-like display of poor management.
Over nine months, JPMorgan has set aside $23 billion for its mounting legal expenses — nearly eight times such funding the bank said aside in 2010.
Usually considered a pillar of Wall Street, a now-much-tarnished Dimon is in the uncharacteristic position of jousting with regulators and fending off billion-dollar legal expenses.
The two fallen champs are even sounding a lot alike. “I’m fighting, too. I’m trying to get a win for these guys … It’s definitely tough at times when you don’t feel like you’re playing your best,” a choked up Manning said Thursday after a 27-21 loss.
On Friday, Dimon, 57, described JPM’s legal woes as “painful” and warned that it may take several more quarters to “normalize.”
“I don’t like losing money for my shareholders,” he said.
For Dimon, the stumble comes after he was able to sidestep many of the problems that beset his peers during the financial crisis.
When other financial institutions were failing, JPMorgan was bailing out troubled banks Bear Stearns and Washington Mutual.
The JPM board — as Dimon negotiates a settlement with regulators over mortgage missteps — believes the bank isn’t getting enough credit for those saves.
Among JPMorgan’s legal troubles is its settlement talks with the Department of Justice that could see it shell out more than $11 billion to settle a probe over its sale of mortgage-backed securities.
The bank also agreed to pay $920 million to resolve its handling of the botched London Whale trade, which ultimately cost the bank $6.2 billion.
JPMorgan shares on Friday fell 1 cent, to close at $52.51.