How JPMorgan CEO Testified about $2 Billion Loss

On Wednesday, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon told to Congress the bank will seek to claw back pay from senior bank executives responsible for recent $2 billion trading loss.

During the long discussions with lawmakers, Dimon expressed the regret over bank’s $2 billion trading loss, saying that “the board will review every single person involved in this case and figure out what’s appropriate.”

According to sources, the original estimated trading loss of $2 billion occurred at JPMorgan’s Chief Investment Office in April and May 2012.

On May 10, the company reported a loss of at least $2 billion in trades that Dimon said were “designed to hedge the bank’s overall credit risks”.

Many investigations were launched to investigate the risk management system and controls in place and operating at the firm.

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This entry was posted on Friday, June 15th, 2012 at 9:21 pm and is filed under Banking/Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.