Jamie Dimon: 'JPMorgan Hid Nothing from Regulators over London Whale Losses'

JPMorgan boss Jamie Dimon insisted the troubled investment bank made appropriate disclosures during the London Whale trader crisis that triggered a $6.2bn dollar loss.

At an investor conference in New York, Dimon said the bank did "everything that we thought was the right thing to do" as the scale of the London Whale's losses from a series of bad market bets began to emerge in April 2012.

"There was no hiding, there was no lying ... but we were wrong about stuff," he said.

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

The bank has been criticised for allegedly holding back information from regulators during the London Whale saga, but Dimon said nothing was withheld and "we didn't know ourselves sometimes" as JPMorgan tried to mop up in the aftermath.

In May 2012, Bruno Iksil, nicknamed the "London Whale" for his rumoured preference for large trades, and his colleagues at the London unit of JPMorgan's CIO around $2bn through bad bets in a portfolio that was specifically designed to hedge the bank's risk exposure.

Losses have more than tripled since then.

UK regulators are currently investigating the London Whale losses. Dimon has already faced down US regulators and conceded that "there was a material weakness in our internal control over financial reporting".

Dimon recently survived in his dual role at JPMorgan after a shareholder revolt failed to materialise. He remains as both chairman and chief executive of the bank. Just 32.2% of shareholders voted for a new chairman of JPMorgan, down from the previous year's 40.1%, strengthening Dimon position in both roles.

Some shareholders had been concerned about the potential for more crises, such as what happened with the London Whale, to hit the bank unless separate people were in the chairman and chief executive positions.