JP Morgan to Face Senate Grilling On Company Loss

Jamie Dimon has said the company's losses are likely to grow

JP Morgan boss Jamie Dimon will appear before the U.S. senate banking commitee on 7 June to answer questions about the bank's USD 2bn trading loss. Dimon has accepted a request from senator Tim Johnson, chairman of the committee, who said it should "hear directly" from Dimon about the losses at America's biggest bank. Theproblems at JP Morgan have prompted calls for tighter regulation of Wall Street. Dimon has been a vocal critic of Dodd-Frank, the act brought in after the last financial crisis to tighten financial regulation and oversight.

The committee already has a meeting slated for 6 June, and Johnson has said he would be asking regulator scheduled to appear "to update the committee on the recently reported trading loss by JP Morgan Chase".