We know there are going to be attacks everywhere,” Dimon told investors at an annual meeting yesterday at the firm’s New York headquarters. Asked about challengers, the chief executive officer cited companies from Industrial & Commercial Bank of China Ltd. to Google Inc.
For all the efforts to regulate banks since Lehman Brothers Holdings Inc. collapsed, stock investors have no more faith in U.S. financial institutions now than they did in early 2008, relative to the rest of the market.
Wells Fargo & Co., the biggest U.S. home lender, is restructuring sales and trading operations to form a new markets division at its investment bank as the firm challenges more established Wall Street rivals.
Chesapeake Energy Corp.’s decision to cut directors’ pay and other perks may save the company up to $1.65 million a year without addressing investors’ concern that the board failed to rein in Chief Executive Officer Aubrey McClendon’s borrowing and spending spree.