Dimon: 'Life goes on' after 'Whale' loss

JPMorgan CEO Jamie Dimon's pay was cut in half in response to the $6 billion "London Whale" losses.

DAVOS, SWITZERLAND (CNNMoney)

JPMorgan sustained losses of more than $6 billion last year as a result of a bad bet related to credit derivatives. The bet was so large that the trader said to be responsible earned the nickname "the London Whale."

Regulators have ordered the bank to improve its money laundering prevention, risk management and internal auditing practices. And the bank's board cut Dimon's pay in half to $11.5 million, including a $10 million bonus.

"It was a terrible mistake," Dimon said at the World Economic Forum in Davos. "I mean, if you're a shareholder might I apologize deeply. But we did have record results, and life goes on."

JPMorgan has reported record profits for three consecutive years and its board has praised Dimon for his response to the trading problems.

Dimon said the finance industry had to bounce back from its troubled past because it had a critical function to perform in the wider economy.

"Everyone I know is trying to do a very good job for their clients," he said.

Since 2008, the bank has "lent or raised $7 trillion plus for people all around the world -- that's our job and we try do it very well," Dimon added.

First Published: January 23, 2013: 5:41 AM ET

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