JPMorgan Chase has suffered big, unexpected losses at a closely watched trading desk, providing fodder to supporters of a new financial regulation the bank’s CEO has loudly opposed.

he biggest U.S. bank by assets said on Thursday that it had lost $2 billion on bad bets on credit derivatives, made by a London trading desk, run by a man other traders have alternately dubbed “The London Whale” and “Voldemort.” The office is intended to hedge the giant bank’s credit risk, not increase it.

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