JPMorgan CEO to apologize before US Congress for $2 billion trading loss
Washington, June 13 (ANI): JPMorgan Chase CEO Jamie Dimon plans to apologize before members of the U.S. Congress for a trading loss that cost the bank more than two billion dollars.
"We have let a lot of people down, and we are sorry for it," news.com.au quoted Dimon as saying in a testimony prepared for his appearance before the Senate Banking Committee.
Dimon also said that the bank has taken steps to make sure such a disaster does not happen again.
JPMorgan Chase mounted a company wide strategy to reduce risk in December 2011, but that backfired when one of the bank's divisions instead added risk, Dimon said.
"The bank has named a new leader for the division responsible for the loss, has established a risk committee and is conducting a review of what went wrong," he said.
"So what went wrong? For a bank renowned for its risk management, where were the risk controls?" The Banking Committee's chairman, Senator Tim Johnson said.
"How can a bank take on 'far too much risk' if the point of the trades was to reduce risk in the first place? Or was the goal really to make money? " Johnson added.
The trading loss has revived Democrats' push for stricter oversight of Wall Street banks. The Securities and Exchange Commission is also reviewing the matter. (ANI)
Read More: Bank Street | B.r Street | Employeement Exchange | Narona Exchange | Jamie Pandit | Stock Exchange Po | Cotton Exchange Po | Congress Nagar | Congress Nagar Tso | Motilal Street | Bellary G T Street | Harapanahalli Joshi Street | Kottur Temple Street | New Street Bo | Mahadana Street | Pookkara Street | Vanakkara Street | Muslim Street | West Congress Para Ndso | Congress
INCREASED STRATEGIC RELATIONS TRUST WITH INDIA- LI KEQIANG
May 21, 2013 at 6:15 PM
UP CM COMMITTED TO RURAL DEVELOPMENT, TAKES MEASURES
May 21, 2013 at 6:11 PM
DIY - Punch Craft Flowers
May 21, 2013 at 6:01 PM