The Comptroller of the Currency says JPMorgan’s $2b plus trading loss was due to an inadequate risk management issue within the bank’s Chief Investment Office (CIO). Thomas Curry’s comments came during a Senate Banking, Housing and Urban Affairs Committee hearing on implementation of the Dodd Frank financial regulatory law. Curry added that what happened does not threaten the broader financial system.
Others testifying included; Deputy Treasury Secretary Neal Wolin and Federal Reserve Board Member Daniel Tarullo. JPMorgan’s President and CEO, Jamie Dimon is expected to testify before the same committee next week, June 13.