On Air Now

Listen

Listen Live Now » 93.7 FM Sheboygan, WI

Weather

Current Conditions(Sheboygan,WI 53081)

More Weather »
70° Feels Like: 70°
Wind: S 12 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Clear 52°

Tomorrow

Sunny 76°

Thurs Night

Isolated Thunderstorms 62°

Alerts

Breaking News

BREAKING: Wisconsin Assembly Passes Budget Without Debate 55-42

MADISON, WI (WTAQ) - In an unusual move, the Wisconsin Assembly passed the proposed two-year state budget without much of a debate. The abrupt vote was 55-42. Minority Democrats did not offer any amendments. Minority Leader Peter Barca says it became clear Republicans were not open to changing the $70 billion spending package. Included in the budget, is the statewide expansion of the school choice program – along with a $650 million income tax cut, a refusal to take new federal Medic...

Read More »

Dimon apologizes to shareholders for "whale" loss

JPMorgan Chase & Co CEO Jamie Dimon speaks about the state of the global economy at a forum hosted by the Council on Foreign Relations (CFR)
JPMorgan Chase & Co CEO Jamie Dimon speaks about the state of the global economy at a forum hosted by the Council on Foreign Relations (CFR)

(Reuters) - 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.

JPMorgan Chase is the largest U.S. bank, with $2.36 trillion in assets as of December 31. Its chief investment office has since been restructured and traders and executives involved with the bad trade - referred to as the "whale" trade after the nickname of a London-based trader involved - were dismissed.

After an internal review, Dimon's bonus was cut in half to $11 million for 2012.

(Reporting by Lauren Tara LaCapra; Editing by David Holmes)

Comments