Menu
Home

Politics

Politics

JP Morgan Chase CEO to apologize before Congress for losing over $2 billion

JamieDimon.jpg

May 24, 2012: Jamie Dimon, chairman and chief executive of JP Morgan Chase and Co, speaks during the Intrepid Sea, Air & Space Museum's Annual Salute to Freedom dinner in New York.Reuters

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.