(Bloomberg News) JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon, disputing Meredith Whitney's description of U.S. lenders as "zombie banks" today, said the firms can navigate low interest rates and other revenue pressures.
"I love Meredith and all that, but honestly most of that stuff is hogwash," Dimon told CNBC when asked about the analyst's comments to the broadcaster earlier in the day. "All businesses have things that change all the time -- interest rates, commodities prices, cost of wages, demand, supply -- and you have to manage around that."
JPMorgan, the second-biggest U.S. bank, was the most profitable among the nation's largest lenders in 2010 with a record $17.4 billion in earnings. The firm reported its highest half-year profit ever at almost $11 billion as of June 30, even as it labored under bad mortgages and rising litigation costs.
"The large banks which dominate most of the lending in the United States are effectively zombie banks," Whitney had told CNBC, according to its website. "You've got an expense structure that just doesn't match the revenue structure."