JPMorgan Chase CEO To Testify On Trading Losses

The chief executive of JPMorgan Chase, Jamie Dimon, was on Capitol Hill Wednesday, where he tried to explain his company's recent multibillion-dollar trading losses. Dimon told the Senate Banking Committee that the losses were indefensible. He also said the company may try to recover some of the compensation paid to the traders who were responsible.

Days after the nation's biggest bank reported at least $2 billion in trading losses, some shareholders urged JPMorgan Chase to back rules limiting risky trading. Chairman and CEO Jamie Dimon said the bank had learned its lessons and was taking steps to prevent more problems.» E-Mail This     » Add to Del.icio.us

(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 CEO Jamie Dimon will be heading to Washington to testify before a Senate Committee investigating massive trading losses recently announced by the bank.