Published December 23, 2015
JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress today for a trading loss that has cost the bank more than $2 billion.
In prepared testimony before the Senate Banking committee, Dimon also says the bank has taken steps to make sure it does not happen again.
Dimon says JPMorgan Chase mounted a companywide strategy to reduce risk in December 2011, but that backfired when one of the bank's divisions added risk instead.
Dimon says 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.
https://www.foxnews.com/politics/jp-morgan-chase-ceo-to-apologize-before-congress-for-losing-over-2-billion