JPMorgan’s Bacon Says ‘Onus is on Us’ as Bank Tarnished
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JPMorgan Chase & Co. needs to win back public trust after losses on a derivative portfolio swelled to more than $6.2 billion and eroded confidence in the largest U.S. bank, a company risk manager told lawmakers.
“This whole thing is regrettable and unacceptable,” Ashley Bacon, acting chief risk officer of the bank, told the Senate Permanent Subcommittee on Investigations today in Washington. “The onus of proof is on us now to demonstrate how this can’t happen in other places, how we weathered the financial crisis well everywhere else, and how we can make the entire firm a safer place to the satisfaction of you, everybody else and our regulators.”