JPMorgan Chase (NYSE: JPM) stock is up more than 2% this morning after CEO Jamie Dimon’s Congressional mea culpa.
Dimon testified before the Senate Banking Committee this morning, apologizing for the $3 billion in trading losses JPMorgan recently reported.
Dimon admitted that the bank took on too much risk, and said he was “dead wrong” for his cavalier attitude toward media criticism about the bank’s chief investment office. Specifically, Dimon apologized for calling the rogue “London Whale” accused of making all the bad trades a “tempest in a teapot.”
On May 11, the day the big bank reported what Dimon then called “egregious mistakes,” JPM stock fell 9%. Shares continued to drop for the next three weeks, bottoming at $31 a share on June 4 – 24% less than the stock’s May 10 closing price.
This morning JPM stock is staging a mini-rally that may only last as long as Dimon’s appearance before Congress. Since Dimon took his seat before the committee around 10 a.m. eastern, shares have risen 2.4%. It will be interesting to see where JPM stock ends up today after Dimon’s testimony has concluded.
JPM stock is up 3.85% year-to-date. But at $34.55 a share, the big bank stock is well off its 2012 high of $46.27 a share, established in late March.