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  1. Wealth
May 11, 2012

FT: JPMorgan announces ‘egregious’ $2bn loss

By Spear's

JPMorgan Chase announced a surprise $2bn trading loss on credit derivatives trading, which chief executive Jamie Dimon blamed on “errors, sloppiness and bad judgement” and warned “could get worse”

JPMorgan Chase announced a surprise $2bn trading loss on credit derivatives trading, which chief executive Jamie Dimon blamed on “errors, sloppiness and bad judgement” and warned “could get worse”.

The shock disclosure, made after the market closed in a regulatory filing, sent shares in the bank down by about 6 per cent and prompted renewed calls for tougher regulation.

JPMorgan said the mark-to-market losses came in the bank’s chief investment office, a unit set up to invest excess deposits, which has drawn controversy after hedge funds alleged it was taking big proprietary bets.

Proprietary trading is set to be banned in the US by the forthcoming “Volcker rule” and the losses revealed on Thursday are likely to stiffen regulators’ resolve to enforce that ban broadly.

To read the full story, visit ft.com

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