According to one commentator with MarketWatch, it is important to remember that although JPMorgan Chase (JPM) presents the drop in earnings as a one-time thing, the mishaps over the past ten years happened under his leadership. Per MarketWatch:
But for all of his alleged prowess in knowing and controlling the intricacies of his sprawling global bank, it’s important to remember that the alleged misdeeds of the last 10 years supposedly happened under his omnipotent gaze: interest-rate rigging, mortgage securities fraud, foreclosure fraud, energy-market manipulation and, of course, the “London whale” trading debacle.
More likely? J.P. Morgan is a typical Wall Street institution. It operates in a climate of extreme competitive pressure where corners are cut, rules are written in shades of gray and if you don’t push the envelope in trading, lending and deal making, then you get walloped on earnings day.