Posted: Jun 13, 2012 6:40 AM
Updated: Jun 13, 2012 6:40 AM
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.