JPMorgan Chase & Co. (JPM:US)’s trading losses are drawing congressional scrutiny, as a U.S. senator called for a hearing on the firm’s $2 billion in trading losses.
U.S. Senator Bob Corker, a senior Republican on the Banking Committee, asked the panel’s chairman today to hold a hearing on the “events surrounding” the losses “as expeditiously as possible.”
“Clearly the losses posted by JPMorgan are significant, and as policy makers we should understand in detail what transpired,” Corker, a Tennessee Republican, said in a letter to Senator Tim Johnson, a South Dakota Democrat and the panel’s chairman.
To contact the reporter on this story: Phil Mattingly in Washington at email@example.com
To contact the editor responsible for this story: Maura Reynolds at firstname.lastname@example.org