The number of personnel firmwide will shrink by about 4,000 people this year. The bank's wrong-way bet on credit derivatives in a London unit cost more than $6.2 billion in the first nine months of last year. Under regulatory orders to tighten internal controls following the loss, JPMorgan will face more sanctions in the coming months, Dimon told shareholders in a letter released April 10. Dimon survived a shareholder vote in May recommending the board split his dual duties as chairman and CEO. The bank will fight "till the end" anyone who sues the company claiming they were misled over the London losses at the chief investment office, he said last month. The board cut Dimon's pay in half for 2012 after concluding that he bore some responsibility for the trading loss. It also credited his leadership for the lender's performance. JPMorgan reported a third straight year of record profit in 2012 with $21.3 billion of net income.