Jamie Dimon
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JPMorgan CEO Jamie Dimon 'sorry' for $2bn trading loss

13 June 2012 Last updated at 16:48 BST

JPMorgan Chase chairman and chief executive Jamie Dimon has apologised for the bank's $2bn (£1.3bn) losses on high-risk trades.

"We have let a lot of people down, and we are sorry," he said, testifying to the US Senate Banking Committee on Wednesday.

Mr Dimon said the losses occurred because traders were poorly managed and did not understand what they were doing.

Full story: JP Morgan boss sorry for losses