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Jpmorgan Chase Case Summary

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In 2013, JPMorgan Chase was threatened with a criminal lawsuit from the U.S. Department of Justice (Shonk, 2017). JPMorgan Chase was accused of questionable business decisions such as troubled mortgage investments that occurred during the financial crisis in 2008 (Shonk, 2017). The investments caused devastation to investors with mortgage-backed securities and pension funds (Bruinius, 2013). The problems caused by the bank contributed to the financial crisis that impacted companies and Americans across the country and some are still recovering to this day. In response, CEO Jamie Dimon offered a $3 billion settlement offer that was rejected after offering an initial $1 billion because it did not meet the level of damage that occurred to the …show more content…

According to their article, “The Flexibility of the Master Negotiator”, Roy J. Lewicki and Alexander Hiam discuss the five types of negotiating strategies. The strategies include; avoiding, accommodating, competing, collaborating, and compromising (Hiam & Lewicki, 2007, pg.33). In the center of each extreme is the compromising strategy which occurs when each party cannot come to an agreement but still wants (Hiam & Lewicki, 2007, pg.33). Each of these negotiating strategies has an impact on the importance of the relationship between the parties and the importance of the outcome of the negotiation (Hiam & Lewicki, 2007, pg.33). In the case with JPMorgan Chase and the U.S. Department of Justice, Jamie Dimon used the accommodating negotiation strategy. In 2013, Dimon was eager to settle the case with the U.S. Department of Justice because he didn’t want criminal charges against his highly reputable bank. Dimon continuously offered money to the U.S. Attorney General until he agreed that $13 billion was enough to cover the civil charges (Shonk, 2007). “What will it take to get this done?” was the question Dimon asked on a conference call before agreeing to the amount demanded (Shonk, 2007). Dimon’s negotiating strategy shows that the relationship between not only himself and the U.S. Attorney General was vital, but the relationship between JPMorgan and their customers was the

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