FOXNews.com: JP Morgan Chase CEO to apologize before Congress for losing over $2 billion

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JP Morgan Chase CEO to apologize before Congress for losing over $2 billion Jun 13th 2012, 09:26 NEW YORK –  JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress today for a trading loss that has cost the bank more than $2 billion. In prepared testimony before the Senate Banking committee, Dimon also says the bank has taken steps to make sure it does not happen again. Dimon says JPMorgan Chase mounted a companywide strategy to reduce risk in December 2011, but that backfired when one of the bank's divisions added risk instead. Dimon says the bank has named a new leader for the division responsible for the loss, has established a risk committee and is conducting a review of what went wrong.

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