JPMorgan’s CEO Jamie Dimon won’t be reaping any benefits from the bank’s third consecutive year of record profits. Dimon’s pay will be cut by more than half, the company revealed in an internal report that blamed him for at least $6.2 billion in losses from the “London Whale” trade. Dimon will take home $11.5 million in 2012, including his $1.5 million salary and $10 million in restricted stock—roughly half of his 2011 haul of $23 million. The bank pointed out Dimon’s “egregious mistakes” in the chief investment office that resulted in the Whale flop, for which he “bears ultimate responsibility.”
Dimon said he "respected" the board's decision, in which he did not participate.
"This was one huge, embarrassing mistake," he said in a Wednesday morning conference call.
Gee, how will the poor man survive?