June 6, 2012 - A top federal regulator says that starting late last year, JPMorgan Chase changed its strategy aimed at containing risk. His agency is examining whether the bank's policies were inadequate before it suffered a $2 billion-plus trading loss this spring.
The disclosure by Thomas Curry, the U.S. Comptroller of the Currency, comes in his testimony prepared for a hearing Wednesday by a Senate panel. Curry's agency, part of the Treasury Department, oversees about 2,000 national banks and has had about 65 examiners onsite at JPMorgan's offices.
Curry says the agency is conducting an extensive analysis of the JPMorgan loss that "will focus on where breakdowns or failures occurred."