JPMorgan CEO Dimon defends disclosures in Whale episode

Tue Jun 11, 2013 4:08pm EDT
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By David Henry and Peter Rudegeair

(Reuters) - JPMorgan Chase & Co (JPM.N: Quote) Chief Executive Jamie Dimon, who won a strong vote of confidence from shareholders last month, on Tuesday defended the disclosures the bank made last year about its unfolding London Whale derivatives loss.

"We did everything that we thought was the right thing to do," Dimon said in response to a question about the episode at an investor conference in New York.

Dimon repeated his earlier apologies for the loss that he had mistakenly called a "tempest in a teapot" one month before the company disclosed in May 2012 that it had lost more than $2 billion on the trades.

But Dimon forcefully added that bank officials had properly described the situation as they knew it at the time.

"There was no hiding. There was no lying," Dimon said, emphasizing his remarks with a curse word. "But we were wrong about stuff.

"Nothing was done that was deliberate in any way, shape, or form. I'm completely and totally comfortable about that," he added.

Dimon said that, contrary to some reports, he did not deliberately hold back information from regulators. "We tried to tell them, but we didn't know ourselves sometimes," he said.

Investigators with the U.S. Department of Justice and the Securities and Exchange Commission last year began probes into the loss but have not brought any public actions against the company.   Continued...

JPMorgan Chase & Co CEO Jamie Dimon gestures as he talks about the state of the global economy at a forum hosted by the Council on Foreign Relations (CFR) in Washington October 10, 2012. REUTERS/Yuri Gripas