Monday, 30 May 2016
Last updated 2 days ago
Jul 16 2014 | 3:15pm ET
JPMorgan Chase could spin-off its private-equity business “soon,” CEO Jamie Dimon said yesterday.
Dimon address One Equity Partners’ future during the bank’s quarterly earnings call. JPMorgan announced plans to spin off the business a year ago.
Dimon said yesterday that it may retain some of the One Equity business.
One Equity’s profits plummeted in the second-quarter, dropping to $7 million from $212 million in the year-earlier period. Revenue fell to $36 million from $410 million.
A year ago, One Equity managed $4.5 billion—all of its JPMorgan’s money. The unit, which the bank acquired in 2004 along with Bank One Corp., is to raise money from outside investors to replace it.