JPMorgan weighs actions on internal "Whale" probes: reports

Sun Jan 13, 2013 2:59pm EST
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(Reuters) - JPMorgan Chase & Co (JPM.N: Quote) may release on Wednesday additional results of internal probes into its $6.2 billion "London Whale" trading loss that could lead to a lower bonus for CEO Jamie Dimon, according to published reports.

On Wednesday the bank, the biggest in the United States by assets, is scheduled to report fourth-quarter and full-year results following a meeting of the board of directors on Tuesday.

The board, which started its own review of the loss after it was revealed in May, plans to review bonuses for 2012 and is expected to dock Dimon's and that of Doug Braunstein, who was chief financial officer at the time of the debacle, the Wall Street Journal reported on Saturday, citing unnamed sources.

The company is to release results from the board's probe, as well as a report of more than 50 pages on an internal investigation, the Journal said on its website.

Bloomberg News reported that the board will consider on Tuesday whether to release the internal report.

JPMorgan spokesman Joe Evangelisti said Dimon, Braunstein and each of the directors declined to comment.

In July, the company used a previously scheduled conference on its results also to discuss findings about the loss. Executives said then that the internal probe had found evidence that traders had tried to hide the full amount of the loss and that top managers had failed in supervision of risk controls.

Dimon said last year that other members of the board, of which he is chairman, would consider the loss and findings from its own investigation when deciding his total pay for 2012.

Dimon was paid $23.1 million in 2011.   Continued...

The entrance to JPMorgan Chase's international headquarters on Park Avenue is seen in New York October 2, 2012. REUTERS/Shannon Stapleton