A decade after Sanford “Sandy” Weill stepped down as Citigroup’s chief executive officer amid a cascade of regulatory investigations and lawsuits, JPMorgan Chase CEO Jamie Dimon’s legal expenses are surpassing those of his one-time mentor.
Facing probes into mortgage bonds, energy trading and hiring practices in Asia, JPMorgan took a $7.2 billion charge on Oct. 11 for expenses tied to regulatory matters and litigation, bringing the total the bank has set aside or spent since the start of 2010 to $28 billion. Weill’s tenure at Citigroup ended up leaving the bank with at least $5.5 billion in legal costs, then the most in history for a Wall Street firm.
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