Investor relations trade publication IR Magazine had its big awards dinner last night and JPMorgan Chase’s IR deparment got one for the way it handled the “London Whale” trade.
The Wall Street Journal’s Anton Troianovski reports:
“J.P. Morgan Chase is winning for its handling of the $6.2 billion trading loss by the London Whale last year,” the event’s host, CNN anchor Ali Velshi, said. “I would say that’s what you call making lemonade out of lemons.”
Kathy Hu, an executive director in J.P. Morgan’s investor relations department, accepted the award and quipped: “Can I just say, ‘Crisis? What crisis?'”
JPMorgan’s stock is up more than 9 per cent since those first media reports about the “London Whale” surfaced in April 2012.
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