Senate to Examine JPMorgan Loss

At hearing today, regulators will link the bank’s trading loss with its risk management practices.

JPMorgan Chase & Co.’s trading loss of more than $2 billion points to failures in the bank’s risk management practices, U.S. regulators will tell lawmakers today.

Thomas J. Curry, the Comptroller of the Currency, said the losses raise “questions about the adequacy and rigor” of the bank’s risk operation. Curry said his agency, JPMorgan’s primary regulator, is in the midst of a broad review of the bank’s management systems in the wake of the May 10 disclosure of the losses from its chief investment office.

Democrats Skeptical

Curry, who was confirmed by the Senate as head of the agency in March, will face Democrats skeptical of the OCC’s oversight of the New York-based bank and critical of its role in drafting a ban on proprietary trading.

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