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Dimon apologises to shareholders for "whale" loss
January 23, 2013 / 8:55 AM / 5 years ago

Dimon apologises to shareholders for "whale" loss

Jan 23 (Reuters) - 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 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 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.

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