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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Dimon hearing raises questions about risk models

Category : Stocks

In banking, it appears, the model is always risk on. In the Congressional testimony on Wednesday JPMorgan Chase’s CEO Jamie Dimon spent a lot of time trying to prove to members of the Senate Banking Committee that the bulk of what his bank does – London Whale aside – is prudent. He said he believes in stress testing. And that his has an open door policy with regulators. He has a whole committee of people assigned to develop risk models. On the surface, it all seemed to prove Dimon’s argument that JPMorgan’s recent $2 billion and counting trading loss was a one-off. Frankly, Dimon said that he would rather be spending more of his time thinking about Europe.

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