Dimon: $2B Loss 'Puts Egg on Our Face'

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Updated Apr. 21, 2017 4:56PM EDT / Published May 11, 2012 1:45PM EDT

Frank Franklin II / AP Photo

Federal securities regulators said Friday they have been investigating JPMorgan Chase's hedge-fund losses.The announcement followed CEO Jamie Dimon's admission that $2 billion was lost from "egregious mistakes" on a hedging strategy. JPMorgan Chase, the biggest U.S. bank by assets, estimates the business unit will post a loss of $800 million this quarter, when it previously forecast a profit of $200 million. Dimon said in a hastily arranged conference call to investors that the report "puts egg on our face." He linked the losses to a trader nicknamed the "London Whale," who had allegedly amassed a outsized position that hedge funds bet against. Regulators said Friday that they had discussions with JPMorgan Chase the division that allegedly lost the money for a month.

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Dimon: $2B Loss 'Puts Egg on Our Face'

Frank Franklin II / AP Photo