JP Morgan boss defends bank

City A.M. Reporter
JP MORGAN chief executive Jamie Dimon yesterday defended his firm against a grilling from US politicians, insisting that the firm has been upfront with investors on its multibillion-dollar trading loss.

Dimon, appearing before a House of Representatives committee, tried to reassure irate Republicans that his bank would never ask taxpayers to foot the bill for a bailout.

“No, we’re not too big to fail,” said an exasperated Dimon. “I don’t think there’s any chance we’re going to fail.”