JPMorgan Chase’s top executive is telling Congress what happened with his bank’s big investment losses.
FOX News Radio’s Rich Johnson reports on Capitol Hill:
A major mea culpa from Chase CEO Jamie Dimon over attempts by the bank’s ‘Chief Investment Office’ to reduce its exposure to big financial calamities.
(Dimon) “This portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks. As a result, we’ve let a lot of people down, and we are sorry for it.”
But Dimon also stressed to the Senate Banking Committee, all the losses were the bank’s own money. And he says it is likely that some top executives will have to give them back some of their pay — what’s known as “clawbacks”.
On Capitol Hill, Rich Johnson, FOX News Radio.