Why Barclays opted for war when JPMorgan chose surrender

New York

WHEN the US was seeking a record-breaking payment from JPMorgan Chase & Co for the sale of toxic mortgage-backed securities three years ago, Jamie Dimon went to Washington to sit down with Eric Holder, then the attorney general. Mr Dimon, normally an outspoken critic of regulatory over-reach, sought to make peace.

"I didn't go pounding the table," the JPMorgan chief executive officer recalled later in a Bloomberg Television interview. "I said, Eric, I'm here to surrender. You're my judge and my jury. I have no choice."