WASHINGTON — Jamie Dimon, the outspoken chief executive of JPMorgan Chase under scrutiny for a multibillion-dollar trading loss at his firm, apologized for the mishap on Wednesday even as he mounted a fierce defense of his bank.
Testifying at a much-anticipated hearing before the Senate Banking Committee, Mr. Dimon said that he was “proud” of the bank, highlighting the firm’s “fortress” balance sheet and its performance during the financial crisis.
“We’re doing what a bank is supposed to do,” he told a panel of lawmakers, few of whom posed combative questions during the roughly two-hour hearing.
- LIVE BLOG: JPMorgan’s Dimon testifies on Hill about losses (marketday.msnbc.msn.com)
- JPMorgan Chase CEO To Testify On Trading Losses (npr.org)
- Dimon Says Execs May Have Pay Taken Back (usnews.com)