Concerns about the bank's ability to handle a potential break-up of the euro and a period of prolonged low interest rates as yields continue to hit record lows will likely have a bigger bearing on the bank's long-term profitability than the trading loss, if Dimon's testimony is to be believed.

Still, analysts will expectedly zoom in on any new bits of information on the dealings of the Chief Investment Office and examine its implications for the Volcker rule, which seeks to rein in risky trading by banks, and the regulatory environment.

Shares of JPMorgan still trade more than 25% below their March peak of $46 and amid continuing uncertainty in Europe, it is hard to imagine the stock reclaiming the peak anytime soon, even if the bank does manage to pull off a blowout quarter.

Most analysts remain positive on the long-term outlook for the stock, though they expect the stock to stay under pressure in light of a weakening global economic outlook and negative headline risk.

Shareholders, who have borne the brunt of the loss in both earnings and market-cap, might also have to wait for more than a quarter before they see justice in the form of compensation clawbacks and management turnover.

In his testimony, Dimon said the bank's management had been "complacent" and over-confident about the performance of the CIO unit. While the risk management committee should have been more "independent-minded" and challenged the unit more, the CEO said the fault ultimately lied with management.

JPMorgan has a clawback policy in place that allows the bank to recover unvested share units and cash bonuses from senior members of the operating committee if they display "bad judgement".

The CEO said the bank is conducting a review and that clawbacks were "likely."

-- Written by Shanthi Bharatwaj in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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