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.
JP Morgan apologises for billion dollar blunder
JP Morgan chief executive James Dimon arranged a conference call with analysts and investors to explain how the bank managed to lose $2 billion in a six week period of ill-fated risky investments.
He admitted the bank's strategy was "flawed, complex, poorly reviewed, poorly executed and poorly monitored" but stressed that the bank remains profitably despite the huge loss.
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