FBI opens JPMorgan Chase investigation
The FBI has opened an inquiry into the multibillion-dollar trading losses at JPMorgan Chase, according to several national reports. Reuters says the move steps up pressure on the bank after key U.S. agencies said they were looking into high-risk trades that first drew regulators' attention last month. The news did little to spook investors, who sent the stock higher Tuesday, or shareholders, who backed embattled chief executive Jamie Dimon at the bank's annual shareholders meeting, with a vote rejecting a proposal to split the jobs of CEO and chairman. Though investors mostly gave Dimon a pass, pressure has mounted on the bank to reclaim some of the millions of dollars it paid to the executives who oversaw the trades. Dimon says JPMorgan would pursue more disciplinary action against those responsible. "We will do the right thing. That may well include clawbacks," he told reporters after the annual meeting.
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