Dimon to apologize in testimony before Congress

By: Associated Press Email
By: Associated Press Email

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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