Bloomberg ¨C Deep into a seven-hour congressional hearing on Sept. 21, JPMorgan Chase & Co. CEO Jamie Dimon was in the hot seat, with Representative Brad Sherman, a Democrat from California, pressing him on whether his bank would sever ties with Russian companies, including energy giant Gazprom PJSC.
Banks like Dimon¡¯s, Sherman argued, were exploiting a sanctions loophole to keep doing business in Russia despite its invasion of Ukraine.
¡°We are following the instructions of the American government as they asked us to do it,¡± Dimon responded before Sherman cut him off, setting his sights on Citigroup Inc.¡¯s Jane Fraser with a similar inquiry.
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