JPMorgan Chase’s shock trading loss of at least US$2 billion from a failed hedging strategy by the so-called London Whale knocked financial stocks across the globe on Friday, as well as the reputation of its CEO Jamie Dimon
In a special conference call this evening Jamie Dimon, CEO of JPMorgan disclosed a "trading loss" of at least $2 billion from a failed hedging strategy.
The strategy "morphed over time" and it was "ineffective, poorly monitored, poorly constructed and all of that," said Dimon.
Last month, Dimon he denied there were any problems, most likely hoping they would go away or he could cover them up. Instead, Dimon went to the confessional.