JPMorgan reveals shock $2bn trading loss on investments

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PostThu May 10, 2012 11:58 pm » by Noentry

US banking giant JPMorgan has revealed a surprise trading loss of $2bn (£1.2bn) on complex investments made by its traders.

Overall, after accounting for other gains, losses at its chief investment office are estimated to come in at $800m in the second quarter.

The loss could be as big as $1bn, chief executive Jamie Dimon said in an unscheduled conference call.

JPMorgan shares fell 6% after-hours, with other bank stocks following.

Goldman Sachs, Citigroup and Bank of America also suffered heavy losses in electronic trading after the market close.

The strategy taken at its chief investment office had been "riskier, more volatile and less effective" than previously believed, Mr Dimon said.

"There were many errors, sloppiness and bad judgement. These were egregious mistakes.

"They were self-inflicted and this is not how we want to run a business."

Great news.
JP Morgan can suck my hairy :censored:
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The second-rate mind is only happy when it is thinking with the minority.
The first-rate mind is only happy when it is thinking."
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PostFri May 11, 2012 2:44 am » by Mydogma

yep these are the brilliant harvard gurus at work...blowing other peoples money and righting it off...oops arent i so smart...when are these theiving lowlife suck off the tit of mankind corporate welfare sluggs going to get their due public spankings...we should have an opportunity to laugh at them for all the years they have been stealing and laughing at us...i look forward too it!
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PostFri May 11, 2012 8:29 am » by Svaha

Mr. I steal therefore I am :

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