JPMorgan CEO to apologize before US Congress for $2 billion trading loss

Washington, June 13 (ANI): JPMorgan Chase CEO Jamie Dimon plans to apologize before members of the U.S. Congress for a trading loss that cost the bank more than two billion dollars.

"We have let a lot of people down, and we are sorry for it," news.com.au quoted Dimon as saying in a testimony prepared for his appearance before the Senate Banking Committee.

Dimon also said that the bank has taken steps to make sure such a disaster does not happen again.

JPMorgan Chase mounted a company wide strategy to reduce risk in December 2011, but that backfired when one of the bank's divisions instead added risk, Dimon said.

"The bank has named a new leader for the division responsible for the loss, has established a risk committee and is conducting a review of what went wrong," he said.

"So what went wrong? For a bank renowned for its risk management, where were the risk controls?" The Banking Committee's chairman, Senator Tim Johnson said.

"How can a bank take on 'far too much risk' if the point of the trades was to reduce risk in the first place? Or was the goal really to make money? " Johnson added.

The trading loss has revived Democrats' push for stricter oversight of Wall Street banks. The Securities and Exchange Commission is also reviewing the matter. (ANI)