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.
'London whale' responsible for $2 billion trading loss
JP Morgan's stock plunged 7% in after-hours trading following the announcement that it lost $2 billion dollars in the past six weeks.
The loss came from a trader known in bond markets as the 'London whale" who was reported to be making trades worth up to 10 trillion dollars in April.
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