JPMorgan executives did not tell of $2bn losses
CONGRESSIONAL HEARING:Jamie Dimon, chief executive of JPMorgan Chase, told a congressional hearing yesterday that he was unaware that the bank’s chief investment office was accumulating large losses because he was “assured” by his top executives that there was only an “isolated, small issue”.
On April 13th, Mr Dimon had dismissed concerns over the activity in the chief investment office as “a tempest in a teapot”. Less than a month later, he revealed losses of more than $2 billion from “egregious” trading activity. Mr Dimon said the chief investment office “should have gotten more scrutiny” from executives, who “feel terrible” about the episode.