JPMorgan CEO Jamie Dimon: London Whale Was 'The Stupidest And Most Embarrassing Situation'

OK Jamie, we get it: you are very, very embarrassed about the whole London Whale debacle.

In a letter to shareholders released Wednesday, JPMorgan Chase CEO Jamie Dimon took ownership yet again for the infamous 2012 trading loss that cost his company more than $6 billion, the Wall Street Journal reports.

Dimon even went so far to call the incident "the stupidest and most embarrassing situation I have ever been a part of."

Dimon's continued apologizing for the trading loss may just be part of an attempt to maintain his role as both CEO and chairman of JPMorgan's board. A group of JPMorgan Chase investors is currently lobbying to split the roles and plans to vote on the matter next month, according to the WSJ.

There is some speculation that Dimon will leave the bank entirely if he is forced to give up the chairmanship. He told investors in February that he wouldn't have agreed to his previous position at Bank One Corp. -- which was ultimately acquired by JPMorgan -- if he was not given both roles, Bloomberg News reports.

The series of apologies is a marked turnaround from the way Dimon initially reacted to the London Whale fiasco, when he called it "a complete tempest in a teapot," shortly after the bank disclosed the stunning loss.

But he's owned up to the colossal fail several times since then. On Meet The Press in May, the CEO called the trade "a terrible, egregious mistake." Then in a June testimony to Congress, Dimon called the situation an "embarrassing" "mistake" and said he is "absolutely responsible."

Just this January, Dimon told investors that the trade was a "terrible mistake." That month the CEO and chairman also got his pay cut by more than half, to $11.5 million from $23 million, in large part due to the loss.



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