NEW YORK (
(JPM - Get Report)
CEO Jamie Dimon has been will testify before the Senate Banking Committee on the bank's recently disclosed $2 billion trading loss.
The Senate Banking Committee will hold two hearings with key financial regulators in the coming weeks, one on May 22, where it will hear from the SEC and the CFTC and the other on June 6 with the Federal Reserve, FDIC, CFPB, OCC and the Treasury.
As part of these hearings, the Committee will be updated on facts related to JPMorgan's trading debacle. The Committee then intends to hear from Dimon himself on the issue.
"Our due diligence has made it clear that the Banking Committee should hear directly from JPMorgan Chase's CEO Jamie Dimon, and following our two Wall Street reform oversight hearings I plan to invite him to testify," Senate Banking Committee Chairman Tim Johnson (D-SD), said in a statement. "I encourage all of my colleagues on the Banking Committee to participate in these three critically important and timely hearings, so we can all better understand the facts."
JPMorgan confirmed that the CEO will testify before the Banking Committee. "As always, we will continue to be open and transparent with our regulators and Congress," a company spokesperson said in a statement.
Shares of JPMorgan were down nearly 4% Thursday, as it continues to reel under the impact of the recent disclosure as well as broad market weakness linked to euro zone concerns.
-- Written by Shanthi Bharatwaj from New York