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JPMorgan Chase CEO: Bank fixes on the way

Jamie Dimon, chairman and CEO of JPMorgan Chase, says grappling with new regulations and strengthening internal controls are the bank's top priorities.

In a call with reporters Friday to discuss first-quarter earnings, he said that the bank would be aggressive in making changes, opting for quick decision-making over consensus building.

"We've got to get these things fixed," Dimon said.

His comments came as JPMorgan reported soaring quarterly profits, but slightly lower revenue. Cost-cutting and lower reserves for bad loans helped the bottom line.

It's been a tough 12 months for the bank's image. It was almost a year ago that JPMorgan confirmed a surprise trading loss that eventually ballooned to $6 billion.

A Senate panel issued a withering report last month on how the bank dealt with the loss. The panel said JPMorgan played down the risks of its trades and hid losses from regulators. JPMorgan has said it made mistakes but never intended to mislead regulators.

Dimon said the bank still has "work to do" to make sure it is in line with new regulations. It also expects more sanctions from regulators.

Another black eye last month came when the Federal Reserve told JPMorgan Chase, along with Goldman Sachs, that it needed to strengthen its capital plan. The bank said Friday it was shuffling resources and having more conversations with the Fed. Dimon said the Fed's criticisms focused on matters like the level of detail it reported to the Fed, and not around the numbers themselves.

Dimon's next test is the annual shareholder meeting in Tampa, Fla., next month. Shareholders will vote on a proposal asking the board to split the roles of CEO and chairman. The vote could be a referendum on Dimon, since it could force him to give up one of the jobs. Last year, 40 percent of votes cast were in favor of splitting the roles. Dimon deflected questions about the impending vote.

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