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JPMorgan CEO says no new trouble from derivatives loss
JPMorgan Chase & Co CEO Jamie Dimon testifies before the House Financial Services hearing on ''Examining Bank Supervision and Risk Management in Light of JPMorgan Chase's Trading Loss'' on Capitol Hill in Washington June 19, 2012.
Credit: Reuters/Yuri Gripas
NEW YORK |
NEW YORK (Reuters) - In his first public comment in two months on JPMorgan Chase & Co's (JPM.N) $5.8 billion trading loss, Chief Executive Jamie Dimon said the bank is continuing to reduce the small amount of risk left in its flawed derivative portfolio.
"We have mostly fixed the problem," Dimon said at a webcast investor conference in New York on Tuesday.
His comments echoed remarks he made in a long public presentation in July about the loss on positions taken by company traders, including one known as the "London Whale" for the size of his trades.
Dimon said the company's investment bank, which took over the portfolio from JPMorgan's Chief Investment Office after the loss was disclosed, has continued to work off its risk.
An investigation overseen by independent company directors is continuing and should be done by the end of the year, Dimon said.
"As far as I know there's nothing that different from what we have told you," Dimon said.
(Reporting by David Henry; Editing by Leslie Adler)
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