WASHINGTON -- JPMorgan Chase CEO Jamie Dimon says senior bank executives responsible for a $2 billion trading loss will probably lose some of their pay.
Dimon tells the Senate Banking Committee that there will probably be "clawbacks." He says bank policy allows stocks and bonuses to be recovered from executives, even for exercising bad judgment. But he says the policy has never been used.
Dimon says the trading was meant to hedge the risk to the company and to protect in case "things got really bad."
The loss has raised concerns that the biggest banks still pose risks to the U.S. financial system, less than four years after the 2008 financial crisis.
The start of the hearing was delayed by demonstrators shouting about foreclosures and another calling Dimon a crook.