News Summary: CEO says: execs likely will lose pay

AP News
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Posted: Jun 13, 2012 3:44 PM
News Summary: CEO says: execs likely will lose pay

TAKING PAY BACK: JPMorgan Chase CEO Jamie Dimon tells Congress that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company.

TAKING RESPONSIBILITY: Dimon testified at a Senate Banking Committee hearing about the loss, saying, "I'm absolutely responsible. The buck stops with me."

TAKING A HIT: Dimon said JPMorgan adopted a trading strategy late last year to reduce risk, but it backfired in its investment operation and raised risk instead.