Jamie Dimon Takes His London Whale Apology Tour to Davos

Before you go, we thought you'd like these...
Before you go close icon

JPMorgan_logoJamie 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.

Reuters reports:

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.


Filed under: 24/7 Wall St. Wire, Corporate Governance
Read Full Story

Markets

S&P 500 2,204.71 12.76 0.58%
DJIA 19,216.24 45.82 0.24%
NASDAQ 5,308.89 53.24 1.01%
DAX 10,698.26 13.43 0.13%
HANG SENG 22,675.15 169.60 0.75%
NIKKEI 225 18,360.54 85.55 0.47%
USD (per EUR) 1.08 0.00 0.10%
USD (per CHF) 1.01 0.00 -0.06%
JPY (per USD) 114.05 0.20 0.17%
GBP (per USD) 1.28 0.00 0.26%

From Our Partners