JPMorgan tarred as shares plunge on $2bn loss
JPMorgan Chase's shares were pummeled and politicians blasted its CEO Jamie Dimon after the bank reported a shock $2 billion derivatives loss that even the pugnacious chief executive called "egregious." The huge New York-based bank sent shivers through the markets with the loss, after having convinced many that a well-managed bank could manage the risks of complex derivatives that lay behind the 2008 financial crisis.Politicians called for tightening bank regulation and tough controls on hedging activities, and a Republican senator requested a hearing into the case.
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