The largest U.S. bank, JPMorgan Chase, says it lost $5.8 billion in bad trades this year, nearly triple its original estimate. The Wall Street investment bank said two months ago it estimated that losses originating in its London trading office would total about $2 billion. But in a new earnings statement Friday, the bank said […]
JPMorgan Loss Is Nearly $5 Billion
Posted July 13th, 2012 at 9:05 am (UTC-5)
The largest U.S. bank, JPMorgan Chase, says it lost nearly $5 billion in bad trades this year, more than double its original estimate. The Wall Street investment bank said two months ago it estimated that losses originating in its London trading office would total about $2 billion. But in a new earnings statement Friday, the […]
JPMorgan Chase Chief Apologizes for $2 billion Loss
Posted June 13th, 2012 at 10:45 am (UTC-5)
A key banking executive in the United States has apologized to Congress for financial trading mistakes that cost his company $2 billion. Wall Street titan Jamie Dimon, chief executive of the JPMorgan Chase investment banking firm, told the Senate banking committee Wednesday that its managers, starting late last year, mismanaged a series of investments. He […]
US Investigates JP Morgan $2 Billion Loss
Posted May 15th, 2012 at 3:50 pm (UTC-5)
News media in the United States are reporting that the government’s Justice Department has opened a criminal investigation into the more than $2 billion trading loss sustained by the J.P. Morgan Chase & Co. investment bank. Sources told various news outlets on Tuesday that the probe is at an early stage. The investigation is being […]
Fallout Begins from Big JPMorgan Chase Loss
Posted May 15th, 2012 at 4:20 am (UTC-5)
The chairman and chief executive officer of U.S.-based JPMorgan Chase investment company, is expected to face tough questions from investors Tuesday about the company’s $2 billion trading loss. Jamie Dimon will appear at the company’s annual meeting in Tampa, Florida, just days after he announced the massive loss. JPMorgan’s stock price has declined well over […]
Fallout Begins from Big JPMorgan Chase Loss
Posted May 14th, 2012 at 11:55 am (UTC-5)
The fallout has begun from a $2 billion financial trading loss at the U.S.-based JPMorgan Chase investment company. The firm said Monday that Ina Drew, JPMorgan’s chief investment officer and one of Wall Street’s highest paid female executives, is retiring. The company paid her $29 million in the last two years for her profitable investment […]
