Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

Bank boss admits 'errors'

Saturday, May 12, 2012 - 00:54

May 12 - JPMorgan Chase CEO Jamie Dimon admits the bank made errors of judgement that led to its trading loss of at least two billion dollars. Paul Chapman reports.

▲ Hide Transcript

View Transcript

The surprise two billion dollar trading loss by JPMorgan Chase and Co has ignited a flurry of calls for tougher oversight of the banking industry. CEO Jamie Dimon told NBC's 'Meet the Press' there had been errors of judgement. SOUNDBITE: JPMORGAN CHASE & CO CEO JAMIE DIMON SAYING (English): "We know we were sloppy. We know we were stupid. We know there was bad judgement. We don't know if any of that is true yet. Of course regulators should look at something like this, that's their jobs. So we are totally open to regulators and they will come to their own conclusions, but we intend to fix it and learn from it and be a better company when it's done." The firm said on Thursday it had suffered the loss through a failed hedging strategy. The total amount may be larger. The news has cost it 15 billion dollars in market value and a cut to its credit rating by Fitch to A-plus. Paul Chapman, Reuters

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Bank boss admits 'errors'

Saturday, May 12, 2012 - 00:54