UNDATED (CNN) -- JP Morgan's multi-billion dollar trading loss will hit its CEO in the wallet.

The bank slashed Jamie Dimon's salary and bonus by 53-percent.

JP Morgan lost more than $6 billion when a trader nicknamed the "London Whale" made a bad bet on credit derivatives.

The bank's board ruled that ultimately Dimon was responsible

He will still walk away with a nice salary, $11.5 million, including a $10 million bonus.