JPMorgan Halves CEO Dimon’s Pay Over 'Whale' Losses

The bank's report on its London trading debacle faults the CEO and other executives.
Dimon's reputation and salary were dented by what he initially called a "tempest in a teapot" Photograph by Haraz N. Ghanbari/AP Photo

JPMorgan Chase published a feast of reading material on Wednesday morning about its trading losses in the “London Whale” debacle. The trading disaster last year not only cost JPMorgan some $6.2 billion, it transfixed Wall Street for months with questions of how a unit meant to reduce risk could have failed so spectacularly. Among the consequences: Chief Executive Officer Jamie Dimon, who compounded the bank’s problems in April by calling the incident a “tempest in a teapot,” saw his 2012 pay cut in half today, to $11.5 million.

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