Dimon Says Volcker Rule May Have Cut Credit-Derivatives Loss
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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said a proposed U.S. ban on proprietary trading may have limited the bank’s derivatives-trading losses of at least $2 billion.
“It may very well have stopped parts of what this portfolio morphed into,” Dimon said, referring to the so-called Volcker rule during testimony at the Senate Banking Committee today. “It’s possible. I just don’t know.”