Jamie Dimon Would Welcome Change in Quarterly Earnings Requirement

(Bloomberg) -- JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he would welcome proposed changes that would ease US Securities and Exchange Commission requirements for quarterly earnings reports. 

“The bigger problem wasn’t just reporting quarterly,” Dimon said Tuesday in an interview on Bloomberg TV. “It was forecasting, where CEOs get their back up against a wall. They have to meet these things — earnings — and then they start doing dumb stuff to meet earnings, and that kind of public pressure.” 

The biggest US bank would probably still update investors quarterly even if it was no longer required, though with “much less stuff,” Dimon said. 

The SEC pledged last month to fast-track President Donald Trump’s proposal to end quarterly earnings reporting for most companies and give them the option to report on a semi-annual basis. Supporters of the idea say the process is costly and time-intensive, and drives companies to focus on quarterly targets rather than long-term growth. Conversely, advocates of reporting every three months have lauded the transparency as helpful to investors. 

Dimon called the current requirement a “small part of a much bigger problem,” adding that “endless rules” make it hard for a company to go public.

The longtime CEO has for years described onerous regulations, litigation and other factors as hampering public markets, at one point saying he would take JPMorgan private if he could. In a shareholder letter earlier this year, he wrote that “public markets have been shrinking dramatically, which I do not believe is a good thing.”

--With assistance from Tom Mackenzie.

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