JPMorgan Chase raises its recent trading loss to $5.8bn

Posted by on Jul 15, 2012 | Comments Off on JPMorgan Chase raises its recent trading loss to $5.8bn

  JPMorgan Chase has tripled its estimate of recent losses from trading in complex financial derivatives to $5.8bn (£3.7bn). The US bank said the executives responsible had been dismissed without severance pay and the bank would be clawing back two years of their pay. Despite the revelation, JPMorgan also reported a surprisingly strong three-month net profit of $4.96bn. The bank’s shares ended Friday trading... 
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