Jamie Dimon apologised to JPMorgan shareholders today for the “London Whale” fiasco which caused the bank trading losses of $6 billion (£3.8 billion). “If you’re a shareholder of mine, I apologise deeply”, Dimon told an audience at the World Economic Forum.
However, Dimon, who took a $10 million pay cut last year over the affair, added that none of the bank’s customers were hurt.
Dimon attacked bank regulators for trying to protect taxpayers from future bailout costs and added that there has been a campaign of “scapegoating and misinformation” against banks such as his. He was challenged by another Davos panellist, hedge fund manager Paul Singer, over lack of clarity in JPMorgan’s published accounts. Dimon rejected the charge and replied: “Hedge funds are pretty opaque too; you don’t know how aircraft engines work either.”
