JPMorgan Chase CEO Jamie Dimon apologized to shareholders for the $6bn loss caused by the so-called 'whale' trade, calling it a 'terrible mistake', but said the bank has moved on and is still highly profitable.
Reuters reports that, speaking at Davos, Dimon said: 'If you're a shareholder of mine, I apologize deeply. But we had record results and life goes on'.
In the meantime, Bloomberg reports that Russell Wasendorf Sr., the founder of now-bankrupt Peregrine Financial Group Inc., stole more than $215m from the commodity firm’s customers, U.S. prosecutors said.
Wasendorf, then 64, pleaded guilty in September in federal court in Cedar Rapids, Iowa, to mail fraud and two counts of lying to federal prosecutors. He faces as long as 50 years in prison at his January 31st sentencing.
The news organisation also reports that Renaissance Capital Africa, a unit of the Russian investment bank controlled by billionaire Mikhail Prokhorov, said its winning market share in equities across the continent as it chases rivals such as Standard Bank.
'In 2011 our market share by volumes traded on the Nigerian Stock Exchange was 12% and Standard Bank’s was 17% but in 2012 we caught up', Clifford Sacks, chief executive officer of RenCap Africa, said in an interview in Johannesburg on Jan. 21. In Kenya, RenCap went from third largest in equities in 2011 to second last year, he said.
Finally, Bloomberg also reports that Goldman Sachs, the firm that generates the most revenue from equity trading worldwide, named R. Martin Chavez, one of the leaders of that business, to its management committee.
Goldman announced Chavez’s appointment in an internal memo from CEO Lloyd Blankfein and President Gary Cohn that was obtained by Bloomberg News.