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Economy Briefs: Dimon plants to apologize to members of Congress
Question of the Day
NEW YORK — JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress on Wednesday for a trading loss of more than $2 billion and to say that the bank has taken steps to make sure it does not happen again.
“We have let a lot of people down, and we are sorry for it,” Mr. Dimon plans to tell the Senate banking committee, according to prepared testimony released Tuesday by the bank.
Mr. Dimon plans to say that JPMorgan Chase & Co. mounted a companywide strategy to reduce risk in December 2011, but that it backfired in one of the bank’s divisions by adding risk instead.
Mr. Dimon also plans to say that the bank has named a new leader to the division responsible for the loss, has established a risk committee and is conducting a review of what went wrong.
“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,” Mr. Dimon said in the prepared testimony.
The trading loss has revived Democrats’ push for stricter oversight of Wall Street banks, and the Securities and Exchange Commission is reviewing the matter.
GM losses in Europe, pensions are biggest problems, CEO says
DETROIT — When General Motors Co. shareholders complained at their annual meeting about the company’s languishing stock price and the lack of a dividend, CEO Dan Akerson had answers for most of their questions.
The stock is down because of the company’s losses in Europe, its huge global pension liability and overall uncertainty about the economy, he told shareholders Tuesday. And GM is working to fix all the problems it can control, he said.
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