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Dimon to apologize in testimony before Congress

2 years ago June 13, 2012 Jun 13, 2012 Wednesday, June 13 2012 Wednesday, June 13, 2012 5:40:22 AM CDT in News
Source: Associated Press

NEW YORK - 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.

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