Lawmakers to grill Jamie Dimon on massive loss

JPMorgan Chase's embattled chief executive Jamie Dimon will be hauled before Congress on June 7 to explain recent huge trading losses, legislators announced Friday.Dimon will testify before the Senate Banking Committee as committee chair Tim Johnson vowed to "get to the bottom of the massive trading loss."Congress, regulators and JPMorgan Chase staff are looking at the actions that led to more than $2 billion in derivatives trading losses.

(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.

Jamie Dimon will be on Capitol Hill on Wednesday testifying about massive trading losses at the nation's biggest bank. The CEO of JPMorgan Chase is expected to apologize for a hedging strategy that led to a multibillion-dollar loss. In prepared remarks, Dimon says despite those losses, the bank's overall balance sheet remains solid.

JPMorgan Chase's Matt Zames has been a standout at the bank during the last year.

By Jake Zamansky:The Senate subcommittee on investigations released a damning 300-page report on March 14 about JPMorgan's (JPM) attempt to hide and obscure $6.2 billion in trading losses the bank blamed on the infamous London Whale.