Published May 16, 2012
FBI Director Robert Mueller on Wednesday confirmed that the agency has opened a "preliminary investigation" into JPMorgan Chase & Co (JPM), the nation's largest bank.
JPMorgan disclosed last week that it had suffered a multibillion-dollar trading loss due to a failed hedging strategy.
A person familiar with the matter said on Tuesday that the FBI's New York office has opened a preliminary probe into the loss, which has been estimated at more than $2 billion.
Mueller was testifying before the Senate Judiciary Committee.
When pressed by lawmakers about what legal violations JPMorgan may have committed, Mueller said: "All I can say is we've opened a preliminary investigation."
Mueller also said the timing of the investigation "depends on a number of factors." He did not elaborate.