Bloomberg News

Dimon: JPM Trading Blunder an ‘Isolated Event’

June 12, 2012

JPMorgan Loss Throws Republican Lawmakers Off Balance

The JPMorgan Chase headquarters in New York. Photographer: Mark Lennihan/AP Photo

JPMorgan Chase & Co. (JPM:US) Chief Executive Officer Jamie Dimon said his firm’s $2 billion trading loss was an aberration, according to congressional testimony prepared for delivery tomorrow.

“When we make mistakes, we take them seriously and often are our own toughest critic,” Dimon said in the remarks ahead of his appearance before the Senate Banking Committee to discuss losses linked to credit derivatives by New York-based JPMorgan’s chief investment office. “While we can never say we won’t make mistakes -- in fact, we know we will -- we do believe this to be an isolated event.”

To contact the reporters on this story: Dawn Kopecki in Washginton at dkopecki@bloomberg.net; Phil Mattingly in Washington at pmattingly@bloomberg.net

To contact the editors responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net; David Scheer at dscheer@bloomberg.net


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Companies Mentioned

  • JPM
    (JPMorgan Chase & Co)
    • $56.17 USD
    • 0.12
    • 0.21%
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