Photo: Library of Congress
JPMorgan’s chief executive Jamie Dimon returned to Washington, D.C. for round two.This morning Dimon testified before the House Financial Services Committee about the $2 billion (and growing) trading loss the bank revealed last month.
He appeared before the Senate Banking Committee last Wednesday where he maintained the trading loss was an “isolated incident” and said “senior management and myself should have better monitored the CIO office.”
Some members of the Senate committee were criticised for going too easy on Dimon.
The committee, which includes more outspoken anti-Wall Street members like Barney Frank (D-MA) and Maxine Waters (D-CA), came with some tough questions for the CEO.
Today’s hearing featured two panels.
The first panel’s witnesses include Thomas Curry, the Comptroller of the Currency, Office of the Comptroller of the Currency; Mary Shapiro, Chairman of the SEC; Gary Gensler, Chairman of the CFTC; Martin Gruenberg, Acting Chairman of the FDIC; and Scott Alvarez, General Counsel, Federal Reserve Board of Governors, according to the committee’s website.
Dimon testified on the second panel.
On May 10th, JPMorgan disclosed a $2 billion dollar trading loss in the bank’s Chief Investment Office in London related to derivatives trades.
The Securities and Exchange Commission, the Federal Reserve, the Commodity Futures Trading Commission, the Justice Department and the FBI are all said to be looking into the trading loss.
Below are highlights from today’s testimony.