Banks

What's $920 Million to a Whale of a Bank?


JPMorgan Chase World Headquarters in New York

Photograph by Timothy A. Clary/AFP via Getty Images

JPMorgan Chase World Headquarters in New York

JPMorgan Chase (JPM) has agreed to pay $920 million to put to rest its $6.2 billion Whale of a trading loss. So many zeroes—and a nine in front!

But what does almost $1 billion really mean to the largest bank in the U.S.? We pulled together some data points from SEC filings and league tables to put some perspective on the massive sum. To JPMorgan, the settlement represents roughly:
 
• $3,621 per employee
• 3.3 days of revenue
• 13 days of profit
• $5,565 per Chase private client (rich people)
• 49 times Chief Executive Jamie Dimon’s 2012 compensation
• 13 days of investment bank revenue this year
• the bank’s total exposure to Portugal.

The cost of the controversy, meanwhile, may rise. Dimon told employees via a long e-mail this week to brace for more penalties. And though the $920 million will settle claims from an alphabet-soup of regulatory bodies, the U.S. Justice Department and the Commodity Futures Trading Commission didn’t sign onto the deal. They are still picking over the whale carcass.

Kyle-stock-190
Stock is an associate editor for Businessweek.com. Twitter: @kylestock

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Companies Mentioned

  • JPM
    (JPMorgan Chase & Co)
    • $59.35 USD
    • -0.10
    • -0.17%
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