|CHRISTINA REXRODE, AP Business Writer|
On Monday, the bank was ordered by federal regulators to take steps to correct poor risk management that led to the surprise trading loss last year, which was related to complex bets on fixed-income investments that went wrong.
The bank's board of directors, explaining its decision to cut Dimon's pay, concluded that the losses were "a serious mistake." The board also praised Dimon for his response to the problem, which included reorganizing lines of business, shuttering the division that was responsible and getting rid of top managers.
The bank's board of directors criticized the CIO's former leaders, saying they did not keep the board informed of potential problems and had used unapproved models for calculating risk. When
The trading loss could bring even more regulatory headaches. The bank has said it has received requests for information related to government inquiries and investigations by
Fourth-quarter earnings shot up 55 percent over the year. The bank made
Per share, those earnings amounted to
Revenue also beat
The stock fell
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