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JPMorgan CEO: ‘Dead wrong’ about trading concerns

Associated Press

  May 13, 2012

The CEO of JPMorgan Chase, which disclosed a $2 billion loss last week, said he was ‘‘dead wrong’’ when he dismissed concerns about the bank’s trading last month. CEO Jamie Dimon said he did not know the extent of the problem when he said in April that the concerns were a ‘‘tempest in a teapot.’’ After the bank reported the trading loss, investors shaved almost 10 percent off the bank’s stock price.

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