Financial News

  • 3 July 2014, 9:08

JPMorgan CEO Diagnosed With Throat Cancer

The boss of US banking giant JPMorgan Chase has confirmed he is being treated for throat cancer.

In a memo to staff, CEO Jamie Dimon said the ailment is curable.

He also intends to remain actively involved in running the banking business, which is America's biggest.

Mr Dimon, 58, has never been a smoker.

He said the cancer was caught at an early stage, following tests within the last two weeks after he started feeling unwell.

He will undergo radiation and chemotherapy treatment for around two months.

Mr Dimon said: "I feel very good now and will let all of you know if my health situation changes."

"Importantly, there is no evidence of cancer elsewhere in my body."

He has been in charge of the bank for more than eight years and is credited with navigating the business through the fallout of the global financial crisis.

However, JPMorgan has hit recent trouble and has been tarnished as a result.

It lost $6.2bn (£3.6bn) over the so-called London Whale derivative bets in 2012, with the scandal prompting shareholders to try to push for Mr Dimon to drop his joint role as chairman.

And last year it agreed a $13bn (£7.6bn) settlement with the US government for overstating the quality of mortgages it sold to investors before the crash.

In January, it agreed to pay more than $2bn (£1.16bn) to settle claims related to Bernard Madoff's fraudulent ponzi scheme.

The US Treasury Department criticised "critical and widespread deficiencies" in its programmes to prevent money laundering and other suspicious activity.

Shares in the bank were down 0.6% in after-market trades on Tuesday, following news of the diagnosis.

In his memo, Mr Dimon told staff his treatment is still being finalised and it would curtail his travel.

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