Arab Today, arab today dimon apologizes in senate testimony
Last Updated : GMT 18:40:24
Arab Today, arab today
Arab Today, arab today

Dimon apologizes in Senate testimony

Arab Today, arab today

Arab Today, arab today Dimon apologizes in Senate testimony

Washington - UPI

JPMorgan Chase chief James Dimon Wednesday apologized for the U.S. bank\'s $2 billion investment blunder but said no clients lost any money. JPMorgan Chase earlier this year lost more than $2 billion in 15 days in a series of bets on credit default swaps in a bid to hedge risks. The company\'s chief investment officer retired in the wake of the losses. In testimony Wednesday before the U.S. Senate Banking Committee, Dimon said the company\'s synthetic credit portfolio, intended to protect or hedge the company against a systemic financial crisis, \"morphed into something that rather than protect the firm, created new and potentially larger risks. As a result we\'ve let a lot people down and we are very sorry for it.\" Dimon said the Chief Investment Office\'s strategy for reducing the credit portfolio was \"poorly conceived and vetted.\" \"In hindsight, the CIO trader did not have the requisite understanding of the new risk they took,\" Dimon said. He said the synthetic credit portfolio should have gotten more scrutiny from both senior management and the firm\'s risk control function. In response to this incident, Dimon said JPMorgan Chase has appointed entirely new leadership for the office of chief investor and is aggressively analyzing, managing and reducing risks going forward. \"While this does not reduce the losses already incurred and does not preclude future losses, it does reduce the probability and magnitude of potential future losses,\" he said. \"While we can never say we won\'t make mistakes -- in fact, we know we will make mistakes -- we do believe that this was an isolated event.\" Dimon tried to put the losses into perspective. \"We will lose some of our shareholders\' money -- and for that, we feel terrible -- but no client, customer or taxpayer money was impacted by this incident,\" he said. \"Our fortress balance sheet remains intact. As of quarter end, we held $190 billion in equity and well over $30 billion in loan loss reserves. We maintain extremely strong capital ratios which remain far in excess of regulatory capital standards.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dimon apologizes in senate testimony Arab Today, arab today dimon apologizes in senate testimony

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday