JPMorgan CEO to testify on $2B-plus trading loss

WASHINGTON (AP) -- Jamie Dimon, chief executive of the largest U.S. bank, will be asked Wednesday to explain how JPMorgan Chase lost more than $2 billion on risky trades and whether its executives failed to properly manage those risks....

(WASHINGTON) — JPMorgan Chase CEO Jamie Dimon held back showing federal regulators reports in May that revealed the bank had accumulated billions of dollars in trading losses, according to congressional testimony Friday from the firm’s former chief financial officer.

(WASHINGTON) — JPMorgan Chase CEO Jamie Dimon held back showing federal regulators reports in May that revealed the bank had accumulated billions of dollars in trading losses, according to congressional testimony Friday from the firm’s former chief financial officer.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon sought to hide escalating trading losses that surpassed US$6.2 billion, misled investors and dodged regulators as a “monstrous” derivatives bet deteriorated last year, a Senate probe found.

(Adds other probe details starting in eighth paragraph.)

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