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January 11, 2013

Dimon Says JPMorgan Executives ‘Acted Like Children’ on Loss

“JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon said some top executives at the largest U.S. bank “acted like children” in handling an errant derivatives bet that cost the company more than $6.2 billion last year.

“Instead of helping, they were running around with their head chopped off, ‘what does this mean for me personally, how’s my reputation?’” Dimon said yesterday at a conference in San Francisco hosted by the New York-based bank. Some people “felt they could take advantage of it personally, they were willing to hurt the company by maneuvering.”

The so-called London Whale, the nickname of the U.K.-based trader Bruno Iksil because his trading book was so large, made a wrong-way bet on credit derivatives that led to the company’s single biggest trading loss and at one point wiped out as much as $51 billion in market value. At least a dozen state, federal and international bodies are investigating the trades.”

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Read full Bloomberg article here

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