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JPMorgan chief to testify at hearing

Jamie Dimon agrees to appear before a Senate panel, which is looking at the bank's $2-billion trading loss.

May 18, 2012|By Jim Puzzanghera, Los Angeles Times

WASHINGTON — JPMorgan Chase & Co. Chief Executive Jamie Dimon has agreed to testify at a hearing about the bank's $2-billion trading loss.

The Senate Banking Committee has scheduled hearings with regulators for Tuesday and June 6 to discuss implementation of the 2010 financial reform law. Panel Chairman Tim Johnson (D-S.D.) said this week that JPMorgan's huge trading loss would be looked at during those hearings.

But after aides of Johnson and the committee's top Republican, Sen. Richard Shelby of Alabama, were briefed by regulators and JPMorgan about the trading loss over the last week, Johnson said he decided to invite Dimon to testify.

"Our due diligence has made it clear that the Banking Committee should hear directly from JPMorgan Chase's CEO, Jamie Dimon, and following our two Wall Street reform oversight hearings I plan to invite him to testify," Johnson said.

Shares of JPMorgan have tumbled to their lowest level of the year on concerns about trading losses at the nation's largest bank.

JPMorgan shares fell $1.53 to $33.93 on Thursday — a 4.3% decline that left the stock at its lowest point since Dec. 30, when it closed at $33.25. The stock has lost 19% since Dimon announced the losses last week.

jim.puzzanghera@latimes.com

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