Not long ago, Goldman Sachs was Wall Street’s lightning rod, attracting bad publicity and interventions from regulators. Its place has been taken by JPMorgan Chase.

The biggest US bank is mulling a multibillion-dollar settlement with the US government for selling shoddy mortgage securities, only a week after paying $920m to resolve inquiries into the “London whale” trading loss. Even if it succeeds, it will still face heat on everything from hiring practices in China to its credit card operations.

Jamie Dimon, its chairman and chief executive, was once feted as Wall Street’s most dynamic and charismatic boss but is under the spotlight for the wrong reasons despite running a profitable, sturdy bank. What went awry? Is it simply JPMorgan’s turn, as one banker argues? “Everybody had to be humbled by the regulators, and they weren’t humbled yet.”