JPMorgan Reveals $2 Billion Loss
Business Insider reports that a trader based in London, Bruno Iksil, had earned a reputation for taking significant, market-influencing positions in derivatives, and is likely responsible for this loss. Last year, a rogue UBS trader in London, Kweku Adoboli lost his firm $2 billion making unauthorized trades, according to the Wall Street Journal.
Whereas UBS distanced itself from Adoboli's trades, Dimon took responsibility for JPMorgan's trading loss.
“We have egg on our face,” Mr. Dimon said on Thursday. “We deserve any criticism we get.”
Shares of JPMorgan Chase (NYSE: JPM) are down nearly 7 percent in after-hours trading.
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