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JP Morgan boss Jamie Dimon to apologise for $2bn losses

JP Morgan Chase chairman and chief executive Jamie Dimon is to apologise for the bank's $2bn (£1.3bn) losses on high-risk trades.

Mr Dimon is due to appear before the US Senate Banking Committee later on Wednesday.

"We have let a lot of people down, and we are sorry," he said in written testimony ahead of his appearance.

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

Jill Martin reports.

  • 13 Jun 2012