JPMorgan Chase CEO Jamie Dimon had his pay cut dramatically after an internal company memo blamed him for at least $6.2 billion in losses from the infamous 'London Whale' trade (video below).
Dimon will take home $11.5 million in 2012, which is about half of his 2011 pay of $23 million, reports the Los Angeles Times.
The internal report, which was filed with the U.S. Securities and Exchange Commission, stated: "As chief executive officer, Mr. Dimon bears ultimate responsibility for the failures that led to the losses in CIO and has accepted responsibility for such failures. Importantly, once Mr. Dimon became aware of the seriousness of the issues presented by CIO, he responded forcefully by directing a thorough review and an extensive program of remediation."
Dimon said he "respected" the board's decision, in which he did not participate. During a Wednesday morning conference call with the media, Dimon said: "This was one huge, embarrassing mistake."