JPMorgan Drafts Republicans for Damage Control

As JPMorgan Chase & Co. began to plot its Washington damage control strategy in the wake of last month’s $2 billion trading loss, the bank realized it needed some help with Republicans.

Although traditionally sympathetic to Wall Street, Republican lawmakers in both the House and Senate not only weren’t rushing to JPMorgan’s defense, some were agitating for congressional hearings and investigations. Republican aides acknowledged privately that lawmakers were enjoying that Chief Executive Officer Jamie Dimon -- a Democrat once known as President Barack Obama’s favorite banker -- was having a comeuppance.