Jan 13 JPMorgan Chase & Co may release
on Wednesday additional results of internal probes into its $6.2
billion "London Whale" trading loss that could lead to a lower
bonus for CEO Jamie Dimon, according to published reports.
On Wednesday the bank, the biggest in the United States by
assets, is scheduled to report fourth-quarter and full-year
results following a meeting of the board of directors on
The board, which started its own review of the loss after it
was revealed in May, plans to review bonuses for 2012 and is
expected to dock Dimon's and that of Doug Braunstein, who was
chief financial officer at the time of the debacle, the Wall
Street Journal reported on Saturday, citing unnamed sources.
The company is to release results from the board's probe, as
well as a report of more than 50 pages on an internal
investigation, the Journal said on its website.
Bloomberg News reported that the board will consider on
Tuesday whether to release the internal report.
JPMorgan spokesman Joe Evangelisti said Dimon, Braunstein
and each of the directors declined to comment.
In July, the company used a previously scheduled conference
on its results also to discuss findings about the loss.
Executives said then that the internal probe had found evidence
that traders had tried to hide the full amount of the loss and
that top managers had failed in supervision of risk controls.
Dimon said last year that other members of the board, of
which he is chairman, would consider the loss and findings from
its own investigation when deciding his total pay for 2012.
Dimon was paid $23.1 million in 2011.
Hundreds of lawyers have been involved in the investigation
and in responding to questions put to the bank by regulators and
law enforcers in the United States and Britain.
The loss is known for the "London Whale" nickname that hedge
funds gave to JPMorgan trader Bruno Iksil for the large size of
positions he established from London for the company's Chief
Investment Office. The trade, made with credit derivatives,
became too big for the company to exit easily.
The loss has been a major embarrassment for Dimon. It set
back efforts by him and other bankers to cool the resolve of
regulators and politicians to tighten controls on trading by
large financial institutions.
In April, Dimon dismissed press reports of potential losses
from the London Whale as a "tempest in a teapot". A month later,
he recanted and apologized.