Speaking on NBC's Meet The Press on Sunday, the CEO of JPMorgan said he was "dead wrong" when he dismissed concerns about the bank's trading last month.
The admission by Jamie Dimon came just days after he disclosed $2 billion in trading losses over the past six weeks. Investors shaved almost 10 percent off JPMorgan's stock price on Friday.
"We made a terrible, egregious mistake," he said contritely. "There's almost no excuse for it."
Critics of the banking industry have seized on the $2 billion loss to say that banks are still taking on too much risk more than three years after the financial crisis.
And Dimon, who has had an exalted rep on Wall Street since the 2008 financial meltdown as a CEO who "gets it," is looking foolish for some of his recent comments slamming on recently enacted regulations — regulations that many people feel haven't gone far enough.
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This article appears in May 10-16, 2012.