Days after disclosing a massive derivatives trading loss, JPMorgan Chase was hit with three shareholder lawsuits accusing company executives — and its CEO Jamie Dimon — of misleading investors about the extent of the blunder.
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.
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.
By Daryl Montgomery: JPMorgan Chase (JPM) revealed yesterday that one of its traders, Bruno Iksil, was responsible for a $2 billion loss in the last six weeks. Apparently, little has changed since 2008 when the irresponsible activities of the big banks and trading houses almost brought down the world financial system.