Monday, September 17, 2012

JPM’s Dimon Expects ‘Solidly Profitable’ Second Quarter

Associated PressJames Dimon, chairman and CEO of J.P. Morgan Chase

JPMorgan Chase (JPM) CEO Jamie Dimon is expected to testify tomorrow in a hearing before the Senate Banking, Housing and Urban Affairs Committee. In an opening statement he prepared for the hearing, Dimon said the bank expects to post a “solidly profitable” second quarter report despite the $2 billion trading loss he disclosed last month.

Dimon also plans to say “we do believe this [trading loss] to be an isolated event,” according to the testimony.

In a section called perspective he added the following:

“We will not make light of these losses, but they should be put into perspective. We will lose some of our shareholders’ money � and for that, we feel terrible � but no client, customer or taxpayer money was impacted by this incident.”

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