JPMorgan loses $2 billion in 'egregious' error

JPMorgan Chase announced a surprise $2bn trading loss on credit derivatives trading, which Chief Executive Jamie Dimon blamed on ' errors, sloppiness and bad judgement' and warned ' could get worse'.

The shock disclosure, made after the market closed in a regulatory filing, sent shares in the bank down by about 6 per cent and prompted renewed calls for tougher regulation.

JPMorgan said the mark-to-market losses came in the banks chief investment office, a unit set up to invest excess deposits, which has drawn controversy after hedge funds alleged it was taking big proprietary bets ... READ MORE

Released by the Financial Times - 11 May 2012