During a question-and-answer session with Jason Goldberg, a Barclays analyst, Mr. Dimon responded to questions about things like his stance on the mounting turmoil in Europe and regulatory changes, in particular the Volcker Rule, which restricts banks from trading with their own money.
Mr. Dimon has long been a vocal opposition of some of the regulation being hammered out in Washington, although some lawmakers have seized on the trading losses to push their case for a stronger oversight of the banks.
Mr. Goldberg started by asking Mr. Dimon about the rationale behind shaking up the upper echelons of JPMorgan’s executive suite in July.
“It had nothing to do with the chief investment office,” Mr. Dimon said.
He added that “there is nothing mystical, folks,” because the moves enabled greater cross-selling. “Cross-selling is a big deal, and we do an exceptionally good job,” he said. “If you reimagine the business from the bottom up, it’s a consumer business.”
Part of his management decisions, which elevated a stable of younger executives, was an effort to “make sure we have a generation trained for other big jobs in the company,” he said.
Tackling the issue of whether the big banks should be broken up, Mr. Goldberg asked Mr. Dimon about recent calls to break up the major banks. Sanford I. Weill, the former chief executive of Citigroup and once Mr. Dimon’s boss, rocked Wall Street when he suggested in July that the big banks should be broken up.
“There are huge benefits to size,” Mr. Dimon said. He noted that JPMorgan’s size allowed it to be “a port in the storm” during the market turmoil of 2008. “Big banks have a function in society.”