On This summer 13, 2012, JP Morgan Chase & Co. introduced a bigger than expected loss for that quarter, $4.4 billion, from positions locked in the main Investment Office (CIO), raising the entire losses to $5.9 billion. Because the substantial risks within the CIO had first been revealed on April 5, the firm and it is CEO, Jamie Dimon, have been the origin of intense scrutiny by government bodies, legislators, the press, investors and experts. The problem symbolized an uncommon, but significant, misstep by Dimon who had effectively steered Morgan with the economic crisis and was regarded as among the financial industry's best leaders and risk managers. The firm also revealed it's restating its first quarter 2012 results due to what it really had learned because it looked into the CIO losses.
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