JPMorgan Chase Chief Executive Jamie Dimon has defended the banking sector when speaking in today's first session in the World Economic Forum in Davos.

He said that a lot has been done and very quickly and that the focus must now be on capital, the basics.

Dimon also stated that all countries use financial derivatives out of necessity and not because banks forced them.

"Five years and we don't have mortgage rules yet, it's a very complex thing that we should make a lot simpler," he added. "You want financial services you just don't want to be leveraged and blow up."

Dimon apologised to shareholders for the $6bn in losses provoked by the so-called "whale trade", labelling it a terrible mistake.

"If you're a shareholder of mine, I apologise deeply," he said. "But we had record results and life goes on."

Despite the losses from the bad trades, the bank still earned a record $21.3bn last year.

This session at Davos was on the 'Global Financial Context' and included other contributors such as UBS President Axel Weber and Prudential Chief Executive Tidjane Thiam.

SB

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