JPMorgan’s executives to appear before senators in ‘London Whale’ case
Northern, WI 03/14/2013 (avauncer) - JPMorgan Chase & Co.’s (NYSE:JPM) current and former executive have been asked to appear before a panel investigating the $6 billion ‘London Whale’ trading loss.
The Senate Permanent Subcommittee on Investigations announced a witness list for the hearing, which included the former chief investment officer Ina Drew, Ex-CFO Douglas Braunstein, and JPMorgan executive Michael Cavanaugh, who led the internal investigation into the losses.
These executives will testify about the trading loss in front of the panel.
Also, officials from one of the bank’s primary regulators, the Office of the Comptroller of the Currency, will appear.
However, CEO Jamie Dimon is not in the list. On this, the Senate panel spokesperson clarified that Dimon has already testified twice.
JPMorgan Chase & Co.’s CEO Dimon has not yet explained the trading loss.
The Senate Permanent Subcommittee on Investigations has been investigating that why could JPMorgan top executive were unable to spot the dangerous costly trades.
Shares of JPMorgan Chase & Co. (NYSE:JPM) is up by 0.46% and currently trading at $50.40.