Metro

Mayor Bloomberg calls JP Morgan Chase $2B loss a ‘hiccup’

Mayor Bloomberg today dismissed JPMorgan Chase’s $2 billion trading loss as a “hiccup” as he staunchly defended the city’s largest bank and its leader.

“They’ve had a stellar reputation until this hiccup,” said the mayor.

“I think the company is taking responsibility. They’re trying to fix their problem. Jamie Dimon I think — and I think you’d get general consensus — is one of the smartest people in the financial industry…

“He’s not a guy who’s going to try to blame anybody else. That’s one of the reasons people have so much respect for him.”

The mayor’s position was hardly a surprise. Banking is one of the city’s major industries and Dimon is a personal friend.

Bloomberg downplayed Chase’s massive loss, saying it shouldn’t provoke tighter regulation of the industry.

“The taxpayers in this case aren’t at risk. Form everything I’ve heard this bank is still going to be profitable this year,” the mayor said.