CNN – JPMorgan Chase CEO Jamie Dimon told Congress Wednesday that the bank’s massive loss can be blamed on insufficient risk controls and a failure by traders to understand the bets they were placing.
Dimon both defended the bank, which he says will still be “solidly profitable” in the second quarter, and sounded a note of contrition before members of the Senate Banking Committee.
“We have let a lot of people down,” Dimon said, “and we are sorry for it.”
JPMorgan announced last month that it had suffered a multi-billion dollar loss on trades built around contracts tied to corporate bonds that were originally intended to hedge the bank’s exposure.
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