Jan 23 JPMorgan Chase & Co Chief
Executive Jamie Dimon apologised 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
"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 Dec. 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.