JPMorgan Chase CEO James ‘Jamie’ Dimon goes before the Senate Banking, Housing and Urban Affairs Committee Wednesday to provide a better understanding of the company’s recent massive trading loss.
On May 10, JPMorgan Chase announced approximately $2 billion in trading losses from a complex trading strategy. The FBI and other government agencies are investigating the matter.
In a Senate hearing earlier this month, the Comptroller of the Currency Thomas Curry said JPMorgan Chase’s $2 billion plus trading loss was due to an inadequate risk management issue within the bank’s Chief Investment Office (CIO). Curry added that what happened does not threaten the broader financial system.
Mr. Dimon has testified before Congress several times on a variety of economy-related issues. During questioning, several Committee members are expected to ask him about the use of taxpayer funds to boost lending rates and press him on JP Morgan Chase’s commitment to cooperate with the government.
The Committee will also take his testimony into account as lawmakers continue to conduct oversight over the full implementation of Wall Street reform.