Jamie Dimon to testify June 13 on JPMorgan loss

@CNNMoney May 31, 2012: 11:29 AM ET
JPMorgan CEO Jamie Dimon will testify before a Senate panel about his bank's loss.

JPMorgan CEO Jamie Dimon will testify before a Senate panel about his bank's loss.

NEW YORK (CNNMoney) -- JPMorgan Chase CEO Jamie Dimon will testify before the Senate Banking Committee about his bank's multi-billion-dollar loss on June 13.

Last week, Senate Banking Chairman Tim Johnson said he was looking for Dimon to testify on June 7 about the loss, but Thursday's statement about the hearing said June 13 is the only date that works for both Dimon and the committee's schedule.

The bank originally reported the $2 billion trading loss on May 10, but since then estimates of the size of the loss have risen. Some believe the losses could reach between $6 billion to $7 billion.

"I expect Mr. Dimon to come prepared to provide the committee a better understanding of this massive trading loss so we can take the implications into account as we continue to conduct our robust oversight over the full implementation of Wall Street reform," Banking Committee chairman Tim Johnson said in a statement at that time.

Others are also looking into the loss, including the FBI and federal regulators such as the Commodity Futures Trading Commission.

The subject of the loss has already come up at other hearings of the Senate Banking Committee, which is looking into implementing the Dodd-Frank financial system reform signed into law in 2010. It is likely to come up at another hearing on that subject on June 6 when various regulators are set to testify about Dodd-Frank.

Dimon has been a vocal critic of some of the Dodd-Frank rules, as have Republican members of the Senate. He conceded at the press conference at which he announced the loss that "it plays right into the hands of pundits out there, but that's life."

He has insisted that while the loss was caused by "errors," "sloppiness" and "bad judgment" by traders at the bank, that it did not violate Dodd-Frank rules, such as the so-called Volcker Rule, which prohibits banks from using their own capital to make bets on the direction of the market.

JPMorgan Chase (JPM, Fortune 500) shares have lost more than 18% of their value since announcing the loss, wiping out their gains for the year. Shares were up 0.3% in trading Thursday. To top of page

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