JPMorgan CEO to testify on $2B-plus trading lossReported by SeattlePI.com on Wednesday, 13 June 2012 (on June 13, 2012)
|
JPMorgan CEO to testify on $2B-plus trading loss
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 12:03 a.m., Wednesday, June 13, 2012
WASHINGTON (AP) — Jamie Dimon, chief executive of the largest U.S. bank, will be asked Wednesday to explain how JPMorgan Chase lost more than $2 billion on risky trades and whether its executives failed to properly manage those risks. JPMorgan's trading losses have heightened concerns that the biggest banks still pose risks to the U.S. financial system, less than four years after bad trading bets by banks helped trigger the worst financial crisis since the Great Depression. According to Dimon's prepared testimony, JPMorgan adopted a strategy late last year to reduce risk, but it backfired in its investment operation by heightening risk instead. [...] the Wall Street Journal reported Tuesday that some senior JPMorgan executives, including the chief financial officer and chief risk officer, were told about risky trading in London two years before the losses came to light. The Banking Committee's chairman, Sen. Tim Johnson, D-S.D., calls JPMorgan's strategy "an out-of-control trading strategy with little to no risk controls," according to portions of his opening statement for the hearing released Tuesday. Since the crisis, Dimon has been an outspoken voice against stricter financial regulation.
Links:  Full news story
|
|
|
| Recent related news |
| |
Huffington Post
9 hours ago | NEW YORK -- Jamie Dimon, chairman and CEO of the country's biggest bank, faces a key test this week:...Also reported by •DailyFinance |
guardian.co.uk
14 hours ago | US banking giant facing revolt by dissidents in wake of $6bn London Whale trading loss last...Also reported by •DailyFinance •Huffington Post |
DailyFinance
3 days ago | Filed under: Investing
The last 12 months have been somewhat of a roller-coaster ride for Jamie... |
Huffington Post
4 days ago | By Nadia Damouni, David Henry and Ross Kerber
May 16 (Reuters) - For years, JPMorgan Chase & Co... |
DailyFinance
6 days ago | Filed under: Investing
On Wednesday, *JPMorgan Chase* shares were trading a penny shy of $50.... |
| |
DailyFinance
6 days ago | Filed under: Investing
LONDON -- Stock index futures at 7 a.m. EDT indicate that the *Dow Jones... |
Zero Hedge
6 days ago | · Controversies give Obama new governing headaches (Reuters)
· About that Capex... BHP to Rein In... |
DailyFinance
6 days ago | Filed under: Investing
After the 2008 financial crash, bank CEOs had a message: We've learned. We... |
Business Insider
1 week ago | May 11 (Reuters) - JPMorgan Chase & Co Chairman and CEO Jamie Dimon said he may consider leaving the... |
Proactive Investors
1 week ago | *¤ YESTERDAY IN GOLD & SILVER*
Gold did nothing in Far East trading on their Friday, but the... |
| |
|
|
Facebook
E-mail
Twitter
Mixx
StumbleUpon
FriendFeed