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June 1, 2012

JPMorgan has 'egg on face' after admitting $2 billion trading loss

“BANKING giant JPMorgan Chase & Company admitted yesterday it lost $2 billion from a trading portfolio that was supposed to have helped the bank manage credit risk.”

The Wall Street Journal reports that the announcement stunned the financial industry, in part because the highly regarded bank has largely navigated the financial crisis in good shape by avoiding the excessive risks that torpedoed rivals.”

” ‘These were egregious mistakes,’ said Chief Executive Jamie Dimon, who is considered one of the world’s savviest bankers. ‘We have egg on our face, and we deserve any criticism we get.’ “

” ‘Jamie Dimon has been a relentless critic of financial reform,’ said Dennis Kelleher, president of Better Markets, which supports tougher regulation of banks. The surprise loss, he said, ‘proves him wrong.’ “


Read full article from The Week here.

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