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JPMorgan Traders Took Risks They Didn’t Understand, Dimon Says

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon told Congress the bank let traders take risks they didn’t understand while he didn’t answer key questions about more than $2 billion in trading losses.

In testimony prepared for a hearing today, Dimon expressed regret over losses in the bank’s chief investment office, saying that its trading strategy was “poorly conceived and vetted” by senior managers who were “in transition” and not paying adequate attention.