Photo: CNBC screenshot
JPMorgan’s chief executive Jamie Dimon is appearing before the Senate Banking Committee in Washington, D.C. this morning to testify about the $2 billion trading loss the bank revealed last month.On May 10th, JPMorgan disclosed a multi-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.
“When we make mistakes, we take them seriously and often are our own toughest critic,” Dimon said in a prepared testimony. “While we can never say we won’t make mistakes — in fact, we know we will — we do believe this to be an isolated event.”
The Committee on Banking, Housing and Urban Affairs will hold its open session from 10 AM – 12 PM to conduct a hearing on “A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?”
We’ll be live blogging Dimon’s hearing here, so be sure to refresh this page for updates. Make sure to follow @Clusterstock for live Tweets.