At the same time, the board also noted that JPMorgan has reported record profits for three consecutive years and praised what they called Dimon's forceful response to the trading problems. JPMorgan managed to generate profits during each quarter of 2012, despite recording a $6.2 billion loss from the so-called London Whale trade -- the massive bet on credit derivatives made by one of the bank's London units that went terribly wrong. The board cut Mr. Dimon’s total compensation for 2012 to $11.5 million from $23 million a year earlier. While his salary remained the same at $1.5 million, his bonus was reduced to $10 million, paid out in restricted stock. “We are getting near the end of it,” he said. And the bank recorded gains in all its major divisions, showing strength in both consumer and corporate banking operations. For the full year, the bank earned $21.3 billion, or $5.20 a share, on revenue of $99.9 billion 
 
 Related: Hey Wall Street, get ready for more layoffs 
 
 Still, investors weren't thrilled by the bank's results. Investment banking fees jumped 54 percent, to $1.7 billion, with improvements in debt and equity underwriting. JPMorgan and other banks agreed this month to a $8.5 billion settlement with the Comptroller of the Currency and the Federal Reserve, which ends a costly and flawed review of loans in foreclosure ordered up by the regulators in 2011.
– That sound you're hearing is probably Wall Street's tiniest violin playing for Jamie Dimon. As many expected, JPMorgan Chase's board slashed the CEO's salary in response to the "London Whale" disaster, dropping his incentive pay a backbreaking 53.5% to $10 million, leaving him a mere $11.5 million with which to feed his family, CNN Money reports. "As Chief Executive Officer, Mr. Dimon bears ultimate responsibility for the failures that led to the losses," the board wrote. Of course, the New York Times notes that the firm had an excellent year despite the Whale episode, with fourth quarter profit up 53% year-over-year. Maybe Dimon can cry on the shoulders of Morgan Stanley's traders and investment bankers, thousands of whom will be getting IOUs instead of cash bonuses this year, the Wall Street Journal reports. In response to the financial crisis, the bank is now breaking bonuses into four chunks, the last of which will come in 2016—if the employees are still with the bank. "I don't think there will be a lot of cheers on the trading floors of Morgan Stanley," one former Fed official remarked.