Jamie Dimon’s never-ending explanation of the “London whale” debacle and his round-the-world tour to apologize continued at the World Economic Forum in Davos.
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.
Douglas A. McIntyre