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(Bloomberg) — JPMorgan Chase & Co. Chief Govt Officer Jamie Dimon known as the firm’s botched acquisition of school money-scheduling web page Frank “a big mistake” and vowed to share takeaways at a later on day.
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“I’ll convey to you the classes figured out here when this point is out of litigation,” Dimon claimed Friday on a conference phone to focus on fourth-quarter earnings.
JPMorgan is suing the founder of Frank, which it bought for $175 million in 2021, for allegedly concocting thousands and thousands of fake clients. A attorney for the founder, Charlie Javice, has disputed the allegations. The debacle threatens to renew concerns about paying at the largest US financial institution that plagued the organization for substantially of final 12 months.
Dimon reiterated his dedication to the firm’s strategy, expressing that he does not want JPMorgan to be so “terrified of mistakes that we do not do anything.” Acquisitions are accomplished by the business traces, he additional, but there’s a centralized crew that does due diligence, and “we’ve been undertaking it for 20 many years.”
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