Jamie Dimon, the JPMorgan CEO who spent months arguing for less regulation of the banking industry, is coming to Washington tomorrow to apologize after a $2 billion trading loss that’s now fueling calls for tighter banking regulation.
He plans to tell the senators grilling him that his traders didn’t understand the risks they were taking.
“This portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks,” Dimon said in prepared remarks ahead of his appearance tomorrow before the Senate Banking Committee. “We have let a lot of people down, and we are sorry for it.”
Bloomberg’s Dawn Kopecki and Phil Mattingly got the testimony in advance. Among the highlights: “When we make mistakes, we take them seriously and often are our own toughest critic,” Dimon says. “While we can never say we won’t make mistakes — in fact, we know we will — we do believe this to be an isolated event.”