JPMorgan traders may have hidden derivatives losses |
Reuters - Jul 13, 2012 |
JPMorgan Chase & Co said its traders may have deliberately hidden losses that have since climbed to $5.8 billion for the year, in a development that may result in criminal charges against traders at the bank.
The bank's Chief Investment Office made big bets now known as "the London Whale trades" on corporate debt using derivatives. JPMorgan said in the worst-case scenario those trades will lose another $1.7 billion, and it has fixed the problems in the CIO's office.
Even with the bank's trading losses, it earned nearly $5 billion overall in the second quarter, thanks to strong performance in areas like mortgage lending.
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- Posted: 2012-07-13 14:48:56
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