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JPMorgan CEO Dimon says trading losses isolated

by fwire  Jun 13, 2012 03:00 IST

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WASHINGTON (Reuters) - JPMorgan Chase & Co's (JPM.N) recent trading losses are an isolated incident and the bank is expected to be "solidly profitable" in the second quarter, Jamie Dimon, the bank's chief executive, will tell the Senate Banking Committee on Wednesday.

Dimon will tell the committee the bank feels "terrible" about the trading debacle, while emphasizing the losses will only hurt shareholders, not taxpayers, and the bank maintains a "fortress balance sheet," according to his prepared testimony.

(Reporting By Dave Clarke, David Henry and Alexandra Alper; Editing by Gary Hill)