Magic Number of the Day: $2 Billion

Photograph by Mark Lennihan/AP Photo

JPMorgan office building in New York.

That’s the estimated amount of trading losses at the chief investment office of JP Morgan Chase & Co. The losses may be higher, though the $2 billion figure probably will be mentioned today at a Senate Banking Committee hearing in Washington at which chief executive officer Jamie Dimon will be the lone witness. The hearing — “A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?” — begins at 10 a.m. eastern.

Dimon will apologize for the trading losses, according to Bloomberg’s Dawn Kopecki and Phil Mattingly. “We have let a lot of people down, and we are sorry for it,” Dimon said in prepared remarks.

Mattingly writes about Banking Committee chairman Tim Johnson, a South Dakota Democrat who will lead the questioning of Dimon.

Bloomberg Government analysts have thought of some questions they would ask Dimon.

Also worth reading: “House Of Dimon Marred By CEO Complacency Over Unit’s Risk,” by Erik Schatzker, Bradley Keoun and Kopecki.


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