JPMorgan trading losses climb to $3-billion, paper reports

Wed, 05/16/2012 - 23:59 EDT - theglobeandmail.com

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Pressure mounts for bank to claw back some of money it paid to executives in charge of overseeing trades

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JPMorgan Has Settled Its Lawsuit With The 'London Whale' Trader's Boss
LONDON, Jan 16 (Reuters) - JPMorgan Chase & Co has reached an out-of-court settlement over its lawsuit against the former boss of Bruno Iksil, the trader known as the "London Whale" for huge bets he took that cost the bank $6.2 billion, a person familiar with the matter said. Javier Martin-Artajo, who was Iksil's immediate supervisor, had been named as a defendant in a lawsuit filed at London's High Court on Oct. 22.
JPMorgan Bet Against Itself In The 'Whale' Trade
* Investment bank bet against CIO in derivatives market * Bank said to have discussed merging opposing trade books * Opposing bets could fuel claim JPM is too big to manage
What Have We Learned? 3 Lessons from the London Whale Trading Debacle
Of the many scandals that have plagued Wall Street of late, the “London Whale” trades, which cost banking giant JPMorgan Chase more than $6 billion, has captured the attention of the financial media more than any other. The biggest reason for journalists’ obsession with this story is that it tarnished the reputation of JPMorgan CEO Jamie Dimon, who is widely thought to be one of the most competent bank CEOs in the business, and one of the few who ably steered his bank through the subprime mortgage crisis.
What Have We Learned? 3 Lessons from the London Whale Trading Debacle
Of the many scandals that have plagued Wall Street of late, the “London Whale” trades, which cost banking giant JPMorgan Chase more than $6 billion, has captured the attention of the financial media more than any other. The biggest reason for journalists’ obsession with this story is that it tarnished the reputation of JPMorgan CEO Jamie Dimon, who is widely thought to be one of the most competent bank CEOs in the business, and one of the few who ably steered his bank through the subprime mortgage crisis.
JPMorgan Continues to Deliver, Beats Q3 Estimates
Zacks.com submits: JPMorgan Chase & Company’s (JPM) third quarter earnings came in at $1.01 per share, substantially ahead of the Zacks Consensus Estimate of 91 cents. Results also soared from the earnings of 82 cents in the prior-year quarter.
Ex-JPMorgan Exec Says Dimon Withheld Data From U.S.
(WASHINGTON) — JPMorgan Chase CEO Jamie Dimon held back showing federal regulators reports in May that revealed the bank had accumulated billions of dollars in trading losses, according to congressional testimony Friday from the firm’s former chief financial officer.
Ex-JPMorgan Exec Says Dimon Withheld Data From U.S.
(WASHINGTON) — JPMorgan Chase CEO Jamie Dimon held back showing federal regulators reports in May that revealed the bank had accumulated billions of dollars in trading losses, according to congressional testimony Friday from the firm’s former chief financial officer.
Ex-JPMorgan executive Drew says does not deserve blame for losses
JPMorgan: Estimating Q2 Numbers And The Whale Trades Impact, Part 1
By Thomas Lott: JP Morgan: Estimating Q2 Numbers and the Whale Trades Impact, Part 1
Why Markets Won’t Fix JPMorgan
By James Kwak Jonathan Macey, a former professor of mine at Yale Law School,* recently wrote an op-ed for the Wall Street Journal (paywall; excerpts here) arguing that we shouldn’t worry about JPMorgan’s recent trading loss because market forces will ensure that the bank does a better job next time. Here’s a key paragraph:

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JPMorgan trading losses climb to $3-billion, paper reports

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