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Archive for May 10th, 2012

10 May

JPMorgan reveals $2 billion trading loss, CEO Dimon admits “egg on face”

(Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, said it suffered a trading loss of at least $2 billion from a failed hedging strategy, a shock disclosure that hit financial stocks and the reputation of the bank and its CEO, Jamie Dimon. For a bank viewed as a strong risk manager [...]

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