OCC meeting daily with JPMorgan to reduce trading risk
WASHINGTON, June 5 |
WASHINGTON, June 5 (Reuters) - U.S. bank regulators are meeting daily with JPMorgan Chase & Co managers to reduce the risk associated with the bank's failed hedging strategy that has already produced at least $2 billion in losses, the head of the Office of the Comptroller of the Currency said.
OCC chief Thomas Curry said JPMorgan's trading loss will affect its earnings but does not present a solvency issue and does not threaten the broader financial system.
In testimony prepared to be delivered before the Senate Banking Committee on Wednesday and obtained by Reuters, Curry also said that OCC examiners have not found activity at other large banks similar to the scale or complexity of JPMorgan's trading activity. (Reporting by Dave Clarke; Editing by Gary Hill)
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