JPMorgan’s Dimon will testify before Congress
JPMorgan chief executive Jamie Dimon has agreed to testify before the US Congress over his bank’s recent trading losses, which have ignited a political debate over whether large US banks need to be reined in by regulators or new laws.
US Senate Banking Committee chairman Tim Johnson said in a statement yesterday that his panel will invite Dimon to appear before Congress.
“As always, we will continue to be open and transparent with our regulators and Congress,” JPMorgan said, confirming Dimon will appear before the panel.
Last week the bank announced that it has suffered more than $2bn (£1.2bn) in losses due to trades that went bad at its London-based Chief Investment Office.
Critics cite the trades as evidence that reforms introduced by the 2010 Dodd-Frank financial oversight law should be strictly enforced.
Shares in JPMorgan have lost a quarter of their value since the existence of the losses was revealed last Thursday night.