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JPMorgan Chase's board cut CEO Jamie Dimon's pay in half for 2012, declaring in a statement Wednesday that the chief executive bore "ultimate responsibility" for management failures leading to a $6.2 billion trading loss in its London office last year.
The episode resulted in the ouster of the bank's chief investment officer and others, including the London trader known as the "London whale," who was responsible for the bad trades.
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Dimon was paid $11.5 million last year, including $1.5 million in salary, and restricted stock units worth $10 million. In 2011, he received the same salary and $21.5 million in restricted stock, which made him the highest paid CEO among the nation's biggest banks.
The board also required that Dimon wait another 18 months before he can exercise 2 million options granted to him in 2008 that were to vest this month.
"The board views the CIO (Chief Investment Office) losses as a serious mistake by the firm, but believes that one of the marks of a successful company and its leadership is how it addresses its mistakes, learns from them and implements meaningful remedial actions," the board said in a statement Wednesday.
"As chief executive officer, Mr. Dimon bears ultimate responsibility for the failures that led to the losses . and has accepted Comprar Levitra responsibility Testosterone Enanthate To Lose Weight for such failures."
The board praised Dimon for his handling of the crisis after he learned about it. It criticized the CIO's former leaders, saying they did not keep the board informed of potential problems and had used unapproved models for calculating risk.
In a conference call with reporters Wednesday, Dimon said he wasn't involved in the board's decision but respected it, the Associated Press reported.
When a reporter asked him for his "gut feeling," he replied, "Nope, you're not gonna get it."
Dimon said the trading loss is "very close to being a non issue from a trading point" of view.
"Companies have problems," he said. "The problem embarrassed us. We're fixing it."
Dimon's pay cuts came despite a strong financial performance for JPMorgan in other respects. Early Wednesday morning, the bank reported net income of $21.4 billion, up 12% from 2011, and a 32% increase in its share price in 2012.
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