Jamie Dimon Takes His London Whale Apology Tour to Davos

Investing

Published: January 23, 2013 6:48 am

Last Updated: December 30, 2013 10:04 am

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.

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.

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