JPMorgan Chase CIO stepping down on $2bn trading blunder
PUBLISHED ON: May 14, 2012 | Duration: 6 min, 32 sec
Jamie Dimon, CEO, JP Morgan Chase, one of the leading critics of financial regulation, says that the $2 million losses came from trading in credit derivatives to avoid risk not for profit. "We made a terrible mistake, egregious mistake, there is almost no excuse for it. JPMorgan's loss has strengthened the argument for pushing more regulation," he says.