- uploaded: Jul 16, 2012
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Errant trades at JP Morgan Chase have cost the bank nearly 6 billion dollars this year. That's almost triple the 2 billion the bank first disclosed. Morgan Chase's CEO Jamie Dimon said in a conference call this week that he fired the managers in charge of the trades.
The origin of the losses came from across the Atlantic from the bank's London office. It was supposed to mitigate risk, but the portfolios became disorganized and hard to follow. Soon after managers lost control.