JPMorgan CEO Jamie Dimon told Congress Wednesday that complacency kept bank executives from properly overseeing a unit that lost more than $2 billion and conceded that tough new banking rules he has opposed might have prevented part of the loss.

The bank’s chief investment office “did so well for so long, a little complacency was taking place, maybe a little overconfidence,” Dimon told the Senate Banking Committee. “We made a mistake. The buck stops with me.”

By Paul Davidson, USA TODAY

Posted by Libergirl