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JPMorgan Chase CEO To Testify On Trading Losses

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JPMorgan Chase CEO To Testify On Trading Losses

Business

JPMorgan Chase CEO To Testify On Trading Losses

JPMorgan Chase CEO To Testify On Trading Losses

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  • <iframe src="https://www.npr.org/player/embed/154904194/154904180" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
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Jamie Dimon will be on Capitol Hill on Wednesday testifying about massive trading losses at the nation's biggest bank. The CEO of JPMorgan Chase is expected to apologize for a hedging strategy that led to a multibillion-dollar loss. In prepared remarks, Dimon says despite those losses, the bank's overall balance sheet remains solid.

RENEE MONTAGNE, HOST:

NPR's business news starts with the head of JPMorgan Chase on the hot seat.

(SOUNDBITE OF MUSIC)

MONTAGNE: Jamie Dimon is testifying before the Senate Banking Committee this morning, about a $2 billion trading loss at the nation's biggest bank. The CEO of JPMorgan Chase told lawmakers that senior bank officials responsible for the loss will probably have some of their pay taken back by the company. Dimon says despite the massive losses disclosed this month, the bank's overall balance sheet remains solid.

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