June 5, 2012 / 10:07 PM / 5 years ago

Federal Reserve reviewing JPMorgan risks-Tarullo

WASHINGTON, June 5 (Reuters) - The Federal Reserve is working with the Office of the Comptroller of the Currency to oversee risk reduction in the portfolio of JPMorgan Chase &Co that recently incurred at least $2 billion losses, Federal Reserve Board Governor Daniel Tarullo will tell a U.S. Senate panel on Wednesday.

"The Federal Reserve has been assisting in the oversight of JPMorgan's efforts to manage and de-risk the portfolio in question," Tarullo said in testimony prepared for delivery on Wednesday.

He will also note that the U.S. central bank has been reviewing other parts of the bank for risk management and control weaknesses similar to those exposed by the trading losses, but has not yet found any. (Reporting By Alexandra Alper; Editing by Leslie Adler)

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