'We're going to wrestle it down, we're going to confess our sins, we're going to move on and hopefully we're not going to take our eye off the ball, which is (to) run our business'.
In the meantime, Bloomberg reports that, according to Thomas Curry, head of the Office of the U.S. Comptroller of the Currency, JPMorgan's Chief Investment Office engaged in trading strategies that set it apart from other major U.S. banks.
OCC examiners probing JPMorgan’s $2bn trading loss have concluded that other big banks the agency regulates haven’t followed similar practices with large, illiquid hedges, Curry said in a recent letter to Senator Sherrod Brown. JPMorgan is said to have been more heavily involved in synthetic credit derivatives than other banks, he said.
Finally, Reuters reports that Sheila Bair, the former regulator who helped steer the U.S. financial system through the recent credit crisis, said that the bank's multibillion-dollar trading loss needs to be put in perspective.
Bair told Reuters TV on Thursday that regulators need to accept blame for not catching the trading debacle and said it shows that some banks are too big to manage.
She did, however, add: 'But at the end of the day it was not any kind of loss that would threaten the viability of the bank'.
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