Dimon to apologize before Congress and detail a complex trading strategy that backfired

Pallavi Gogoi

June 12, 2012 - 5:10 PM

NEW YORK, N.Y. - JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress on Wednesday for the bank's $2 billion-plus trading loss.

"We have let a lot of people down, and we are sorry for it," Dimon says in prepared testimony released by the bank Tuesday.

Dimon will testify before the Senate Banking Committee about the bank's loss.

Dimon plans to say that JPMorgan mounted a companywide strategy to reduce risk in December 2011. But he plans to say that plan backfired by adding risk instead.

The loss has revived Democrats' push for stricter oversight of Wall Street banks. The Securities and Exchange Commission is reviewing the circumstances of the loss.

News from © The Associated Press, 2012

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