Jamie Dimon Takes His London Whale Apology Tour to Davos

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

DJIA 21,674.51 -76.22 -0.35%
NASDAQ 6,216.53 -5.39 -0.09%
S&P 500 2,425.55 -4.46 -0.18%
NIKKEI 225 19,470.41 -232.22 -1.18%
HANG SENG 27,047.57 -296.65 -1.08%
DAX 12,165.19 -38.27 -0.31%
USD (per EUR) 1.18 0.00 0.40%
USD (per CHF) 0.96 0.00 0.29%
JPY (per USD) 109.20 -0.12 -0.11%
GBP (per USD) 1.29 0.00 0.08%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.