JPMorgan CEO says bank reacted badly to red flags -NBC

Sun May 13, 2012 2:08pm BST

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May 13 (Reuters) - JPMorgan Chase & Co CEO Jamie Dimon said his bank reacted badly to warning flags last month that it had large trading losses in complex financial derivatives, according to a transcript of an interview broadcast on Sunday on NBC's "Meet the Press" television program.

Dimon said bank executives were "completely wrong" in public statements they made in April after being challenged over the trades in media reports.

"We got very defensive. And people started justifying everything we did," Dimon said. "We told you something that was completely wrong a mere four weeks ago."

On Thursday Dimon announced that the bank, the biggest in the United States by assets, had lost $2 billion or more mishandling a portfolio of derivatives. (Reporting by David Henry in New York; Editing by Anthony Boadle)