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March 20, 2013

Hearings Possible on 'Whale' Loss

A Senate panel probing J.P. Morgan Chase & Co.’s “London whale” trading losses is wrapping up its report and considering calling witnesses, including the bank’s chief, James Dimon, for public hearings, according to people familiar with the investigation.

The Senate hearings, which follow months of private interviews with top bank officials, would likely focus on how much top J.P. Morgan officials knew about mounting losses sustained by its massive bets on complex derivative instruments.

Public hearings into the trades could prove embarrassing for J.P. Morgan and Mr. Dimon. The hearings, from a panel known for asking tough questions of bankers, would likely be more thorough than last summer’s. The report and hearings could delay J.P. Morgan’s attempts to convince investors and analysts that the whale crisis is behind it.

Members of the Senate panel, including ranking member John McCain (R., Ariz.), are currently reviewing the subcommittee report, the people say. Typically, that means the report is nearly complete. The subcommittee doesn’t always decide to hold hearings after completing an investigation.”

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Read full Wall Street Journal article here

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