JPMorgan’s Dimon to Testify on Loss to U.S. Lawmakers

Jamie Dimon, JPMorgan Chase & Co. (JPM)’s chairman and chief executive officer, will testify next month at a Senate committee hearing on his bank’s $2 billion trading loss and will be asked to appear at a similar House hearing.

Dimon plans to appear June 13 before the Senate Banking Committee, led by Senator Tim Johnson, a South Dakota Democrat, a committee spokesman said. He will also be asked to give testimony on June 19 before the House Financial Services Committee, a person familiar with the plans said.

“Jamie Dimon has accepted Chairman Johnson’s request to testify before the Senate Banking Committee,” Sean Oblack, the panel’s spokesman, said today in an e-mailed statement.

Dimon is under pressure from lawmakers and regulators to explain the losses and the strategy behind them. In a May 10 conference call, Dimon called the credit derivatives trades linked to the losses “flawed, complex, poorly reviewed, poorly executed and poorly monitored.”

Johnson decided to push back the initial date for the Senate hearing from June 7 to accommodate the schedules of both parties, Oblack said.

To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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