Results 1 to 1 of 1
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
05-10-2012, 06:57 PM #1
JPMorgan reveals shock $2bn trading loss on investments
10 May 2012 Last updated at 18:27 ET
JPMorgan reveals shock $2bn trading loss on investments
JPMorgan's chief executive said "many errors" were made
US banking giant JPMorgan has revealed a surprise trading loss of $2bn (£1.2bn) on complex investments made by its traders.
Overall, after accounting for other gains, losses at its chief investment office are estimated to come in at $800m in the second quarter.
The loss could be as big as $1bn, chief executive Jamie Dimon said in an unscheduled conference call.
JPMorgan shares fell 6% after-hours, with other bank stocks following.
Goldman Sachs, Citigroup and Bank of America also suffered heavy losses in electronic trading after the market close.
The strategy taken at its chief investment office had been "riskier, more volatile and less effective" than previously believed, Mr Dimon said.
"There were many errors, sloppiness and bad judgement. These were egregious mistakes.
"They were self-inflicted and this is not how we want to run a business."
BBC News - JPMorgan reveals shock $2bn trading loss on investmentsNO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
Arizona GOP pushing tough, new border policies, but faces strong...
05-05-2024, 10:24 AM in illegal immigration News Stories & Reports