SEC chief: Regulators "focused" on JPMorgan
James Dimon, chairman and CEO of JPMorgan Chase & Co., in 2009. / AP Photo/Mark Lennihan
(AP) WASHINGTON - The head of the Securities and Exchange Commission says the agency is focused on a surprise $2 billion trading loss by JPMorgan Chase (JPM).
SEC Chairman Mary Schapiro told reporters "I think it's safe to say that all the regulators are focused on this." She declined to make any further comment related to JPMorgan.
The trading loss was an embarrassment for JPMorgan, which came through the 2008 financial crisis in much better health than its peers. It kept clear of risky investments that hurt many other banks.
JPMorgan CEO Jamie Dimon said the type of trading that led to the loss would not be banned by the so-called Volcker rule, which takes effect this summer and will ban certain types of trading by banks with their own money.
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