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JPMorgan 'disappointed,' still absorbing living will objection

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

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JPMorgan 'disappointed,' still absorbing living will objection

Afterthe Federal Reserve and FDIC did not approve JPMorgan Chase & Co.'s living will submission,company executives said they are still assessing the regulator's decision andare confident they will reach a workable plan.

Theagencies announced their verdict today on the plans initially submitted by theindustry's biggest banks and objected to JPMorgan's plan. Chairman, President and CEOJamie Dimon and CFO Marianne Lake addressed the announcement during thecompany's April 13 first-quarter earnings conference call.

"Obviouslywe were disappointed with the conclusion reached by the joint agencies on ourresolution plan," Lake said during her prepared remarks. She added thatthe company is still trying to grapple with the full ramifications of thefeedback in its plan.

"Withhaving only received the specific feedback less than 24 hours ago we still haveto get into the analysis phase about what it all means," Lake said. Shesaid that the impact on the company's operations and business lines is unclear.

"There'sgoing to be significant work to meet the expectations of the regulators and ourplay already had us doing a lot of work around actual, real simplification oflegal entities and other things, so I don't know that there are significantchanges … but we do need to have a moment to go through the details," Lakeadded.

Theregulators included some feedback on the firm's liquidity management under itsliving will scenario, but Lake argued that "this doesn't appear to be astatement about the adequacy of JPMorgan's liquidity," but more about itsanalytical approach to liquidity across its affiliates.

Dimonwas mostly quiet throughout the call, but he did say the company's liquidityposition is "extraordinary" and backed Lake's emphasis that thecompany remains committed to working with regulators to create a credibleliving will plan. "They had their job to do and now we have to conform toit," Dimon said.

Thecompany also addressed its energy exposure during the call. Lake noted that itadded about $300 million in reserves during the quarter, mostly related to itsenergy book, but noted that the company "continues to see very lowcharge-offs," in the business.