Dimon apologizes to shareholders for "whale" loss

Wed Jan 23, 2013 12:02pm EST

JPMorgan Chase & Co CEO Jamie Dimon speaks about the state of the global economy at a forum hosted by the Council on Foreign Relations (CFR) in Washington October 10, 2012. REUTERS/Yuri Gripas

JPMorgan Chase & Co CEO Jamie Dimon speaks about the state of the global economy at a forum hosted by the Council on Foreign Relations (CFR) in Washington October 10, 2012.

Credit: Reuters/Yuri Gripas

(Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon apologized to shareholders for the $6 billion loss caused by the so-called "whale" trade, calling it a "terrible mistake," but said the bank has moved on and is still highly profitable.

"If you're a shareholder of mine, I apologize deeply," Dimon said at a presentation at the World Economic Forum in Davos, Switzerland. "But we had record results and life goes on."

Despite a $6.2 billion loss from bad trades in JPMorgan's chief investment office last year, the bank still managed to earn a record $21.3 billion in 2012.

JPMorgan Chase is the largest U.S. bank, with $2.36 trillion in assets as of December 31. Its chief investment office has since been restructured and traders and executives involved with the bad trade - referred to as the "whale" trade after the nickname of a London-based trader involved - were dismissed.

After an internal review, Dimon's bonus was cut in half to $11 million for 2012.

(Reporting by Lauren Tara LaCapra; Editing by David Holmes)

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