Ex-JPMorgan Executive Alleges CEO Dimon Withheld Bank Data From US Regulators

Friday, 15 Mar 2013 12:30 PM

 

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An executive at JPMorgan Chase says the firm's CEO Jamie Dimon held back showing federal regulators reports in May that revealed the bank had accumulated billions of dollars in trading losses.

Douglas Braunstein, who was then chief financial officer for the bank, told the Senate Permanent Subcommittee on Investigations that Dimon did not submit the daily reports for two weeks because of "confidentiality" concerns.

Dimon ultimately acknowledged that month that the firm had lost $2 billion on risky trades out of its London office. The losses have since been revised to more than $6 billion.

The Senate panel issued a report Thursday that ascribed widespread blame to key executives at the firm. The report said the executives ignored growing risks and hid losses from investors and federal regulators.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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