By the overall numbers, it was a good year for JPMorgan. The bank reported a record profit of $5.7 billion for the fourth quarter, up 53 percent from the period a year earlier. Revenue was also strong, rising 10 percent, to $23.7 billion for the period.
“The firm’s results reflected strong underlying performance across virtually all our businesses for the fourth quarter and the full year, with strong lending and deposit growth,” Mr. Dimon said in statement.
But the year was clouded by a multibillion-dollar trading loss stemming from a bad bet on derivatives. JPMorgan continues to unwind the bungled trade, which had racked up $6.2 billion in losses through the third quarter of 2012. The bank said it “experienced a modest loss” in the last three months of the year.
The board cut Mr. Dimon’s total compensation for 2012 to $11.5 million from $23 million a year earlier. While his salary remained the same at $1.5 million, his bonus was reduced to $10 million, paid out in restricted stock."
I hate to be so cynical, but what a good publicity stunt for Chase...