Shed no tears for Dimon: ‘Life Goes on’ After ‘Whale’ Loss
Thursday, 24 January, 2013 Leave a comment
JPMorgan Chase CEO Jamie Dimon apologized again to shareholders Wednesday for the London Whale trading losses but said “life goes on” for the bank and its clients.
JPMorgan sustained losses of more than $6 billion last year as a result of a bad bet related to credit derivatives. The bet was so large that the trader said to be responsible earned the nickname “the London Whale.”
Regulators have ordered the bank to improve its money laundering prevention, risk management and internal auditing practices. And the bank’s board cut Dimon’s pay in half to $11.5 million, including a $10 million bonus.