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.
Banks feel knock-on effect of JP Morgan loss
JP Morgan's $2 billion trading loss has had a negative knock-on effect on a number of other banks. After the bank made the announcement their shares fell by 7%. Other banks also experienced falls in their shares:
- Citigroup was down 3.3%
- Bank of American was down 2.9%
- Morgan Stanley was down 2.4%
- Goldman Sachs was down 2.2%
Analysts say the lack of details of how exactly the bank made the colossal loss over six weeks is adding to market jitters.
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