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JPMorgan chief faces Congress
In testimony before Congress on Wednesday, JPMorgan Chase CEO Jamie Dimon said the company would likely take back pay — a move known as a "clawback" — from top executives responsible for a huge $2 billion trading loss disclosed in May. The loss had sparked concerns that Wall Street is engaging in the same kind of reckless risk-taking that caused the financial crisis of 2008, and lawmakers warned about the danger banks like JPMorgan continued to pose to the broader economy. Later in the hearing, Dimon acknowledged that the trade that caused the multi-billion dollar loss is "something I cannot publicly defend."
I
n testimony before Congress on Wednesday, JPMorgan Chase CEO Jamie Dimon said the company would likely take back pay — a move known as a "clawback" — from top executives responsible for a huge $2 billion trading loss disclosed in May. The loss had sparked concerns that Wall Street is engaging in the same kind of reckless risk-taking that caused the financial crisis of 2008, and lawmakers warned about the danger banks like JPMorgan continued to pose to the broader economy. Later in the hearing, Dimon acknowledged that the trade that caused the multi-billion dollar loss is "something I cannot publicly defend."

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