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“Markets Have Always Been Wrong” – Jamie Dimon Warns QE’s End Will Cause Volatility To Spike

JP Morgan Chase & Co. CEO Jamie Dimon’s declaration that he would fire any JPM traders whom he knew were trading bitcoin unexpectedly ranked among the most popular stories on several respected financial media websites – despite stiff competition from Apple Inc.’s 10th anniversary product launch.

Given what’s transpired in the bitcoin market over the past few days (See “Chinese Bitcoin Trading Soars As Local Exchanges Deny Crackdown Reports”), its unsurprising that Dimon, who spoke publicly at an industry conference hosted by Barclays before sitting for an interview with Andrew Ross Sorkin at Institutional Investor’s Delivering Alpha conference, managed to break through the noise with his comments. During the earlier appearance, he warned investors that J.P. Morgan Chase & Co. trading revenue was on track to fall 20% year-over-year during the third quarter – echoing a similarly downbeat outlook delivered by Citigroup CFO John Gerspach the day before. Dimon’s revelation sent JPM stock tumbling off its highs of the day.

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