Dimon faces more questions over $2B trading loss

AP News
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Posted: Jun 19, 2012 9:34 AM
Dimon faces more questions over $2B trading loss

JPMorgan Chase CEO Jamie Dimon returns to Capitol Hill Tuesday to face more questions from lawmakers over a $2 billion-plus trading loss incurred by the bank.

Dimon is testifying before the House Financial Services Committee. He told a Senate Banking Committee last week that he was aware of the trading strategy used by the investment operation that suffered the loss but that he didn't approve it.

He said the bank made a mistake and that senior banking executives responsible for the loss will probably have their pay taken back by the company.

The loss disclosed last month has raised concerns that the biggest banks still pose risks to the U.S. financial system, less than four years after the financial crisis erupted.

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