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JPMorgan Chase CEO arrives to testify before Congress on $2 billion trading loss
WASHINGTON (AP) ' JPMorgan Chase CEO Jamie Dimon has arrived at a congressional hearing to explain how the largest U.S. bank lost more than $2 billion on risky trades and whether its executives failed to properly manage risk.
Dimon is testifying before the Senate Banking Committee. He will be asked what kinds of trades were made by the bank's London office, where the losses originated, and whether JPMorgan had adequate controls in place to prevent such a loss.
Dimon plans to say that JPMorgan has taken steps to keep it from happening again.
The bank's trading losses have heightened concerns that the biggest banks still pose risks to the U.S. financial system, less than four years after the financial crisis.