- On Air Program Guide
- A Blue View
- Brain Talk
- Cellar Notes
- Choral Arts Classics
- The Environment in Focus
- Gil Sandler’s Baltimore Stories
- Humanities Connection
- Maryland Morning with Sheilah Kast
- Midday with Dan Rodricks
- The Morning Economic Report
- Radio Kitchen
- The Signal
- Take Five
- Your Maryland
- Public Commentary
- War of 1812 Stories
JPMorgan Chase Sees Profits Rise, Halves CEO's Salary For London Debacle
Wed, 16 Jan 2013 16:28:00 -0500
JPMorgan Chase reports that its profits were up 53 percent in the fourth quarter of 2012 — but CEO Jamie Dimon's pay will be cut in half, after the bank lost billions of dollars on risky bets made in its London office. The incident tarnished the reputation of Dimon, who had successfully steered his bank through the recent financial crisis.
"This past year has been a bruising one for Dimon," as NPR's Steve Henn reports for our Newscast unit:
"Lax oversight of trading operation in London resulted in enormous losses by the bank. A single trader nicknamed Voldemort or the London Whale placed multibillion-dollar bets on complex synthetic derivatives. When those bets went bad, the bank lost billions. An internal investigation placed the blame at Dimon's feet and now the board has cut his compensation in half, to just over $11 million."
The company says that the bets made by trader Bruno Iksil cost it $6.2 billion in nine months, Bloomberg reports.
JPMorgan Chase said its net income was $5.7 billion in the fourth quarter of 2012. And the company praised Dimon for the way he handled the mess that emerged from the bad investments.
As NPR's Marilyn Geewax reported last October, Dimon told an audience at the Council on Foreign Relations that "I should have caught it ... I didn't."
He added that making mistakes — and learning from them — is part of capitalism.
Copyright 2013 National Public Radio. To see more, visit http://www.npr.org/.
IN FOCUS TODAY
Friday, May 24, 2013 - 5:02am
This weekend's Memorial Day festivities are sure to include renditions of the Star Spangled...
Thursday, May 23, 2013 - 4:50am
The taxpayers of Baltimore are about to front a developer $107 million in something called tax...
Wednesday, May 22, 2013 - 6:35am
WYPR's Fraser Smith and political consultant and columnist Laslo Boyd talk about how Baltimore...