JP Morgan £1.2bn trading loss
The US' biggest bank JP Morgan Chase has revealed it lost $2bn (£1.2bn) on complex investments made by its traders intended to protect the firm from price fluctuations on the value of its assets.
JPMorgan reveals $2 billion trading loss
America's largest bank has revealed it has lost $2 billion dollars (£1.24 billion) in the past six weeks through a series of blunders at the bank's Chief Investment Office (CIO) in London.
The bank's London office is responsible for managing risk for the New York company.
Partly because of the loss, JPMorgan said it expected an overall loss of $800 million dollars (£497m) this quarter from the Chief Investment Office segment of the business.
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