JPMorgan has trading loss of at least $2 billion, reputation hit

Thu, 05/10/2012 - 22:15 EDT - Yahoo! Business News

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(Reuters) - JPMorgan Chase & Co said on Thursday that it suffered a trading loss of at least $2 billion from a failed hedging strategy, a surprise disclosure that hit financial stocks and the reputation of the bank and its prominent CEO, Jamie Dimon. For a bank viewed as a strong risk manager that never reported a loss throughout the financial crisis, the errors are embarrassing, especially in light of Dimon's public criticism of the so-called Volcker rule to ban proprietary trading by big banks, and could lead to more heat from Washington on the sector. ...

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Whale of a Story: JPMorgan Loses $2 Billion on "Ineffective, Poorly Monitored, Poorly Constructed" Hedging Strategies; Reflections On the Volcker Rule
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.
JPMorgan has $2 billion trading loss, reputation hit
(Reuters) - JPMorgan Chase & Co said on Thursday that it suffered a $2 billion trading loss from a failed hedging strategy, a disclosure that hit financial stocks and the reputation of the bank and its prominent CEO, Jamie Dimon.
JPMorgan has trading loss of at least $2 billion, reputation hit
JPMorgan Chase & Co said on Thursday that it suffered a trading loss of at least $2 billion from a failed hedging strategy, a surprise disclosure that hit financial stocks and the reputation of the bank ...
Jamie Dimon Will Get a Pay Cut After Trading Loss
NEW YORK — JPMorgan Chase reported a 55 percent jump in earnings for the last three months of 2012 as mortgage fees and other income surged. The bank also released internal reviews of a surprise $6 billion trading loss that has drawn sanctions from regulators and said it would cut its CEO’s pay as a result. JPMorgan, the country’s biggest bank by assets, will pay Jamie Dimon $11.5 million for 2012, consisting of $1.5 million in salary and restricted stock awards of $10 million.
Jamie Dimon Will Get a Pay Cut After Trading Loss
NEW YORK — JPMorgan Chase reported a 55 percent jump in earnings for the last three months of 2012 as mortgage fees and other income surged. The bank also released internal reviews of a surprise $6 billion trading loss that has drawn sanctions from regulators and said it would cut its CEO’s pay as a result. JPMorgan, the country’s biggest bank by assets, will pay Jamie Dimon $11.5 million for 2012, consisting of $1.5 million in salary and restricted stock awards of $10 million.
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JPMorgan has trading loss of at least $2 billion, reputation hit

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