Organizational Communication in the News

Case Studies of Organizations and Organizational Communication in the Media

JPMorgan Chase Admits Big Losses On ‘Egregious’ Credit Trades


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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This entry was posted on May 11, 2012 by in Ethics, Leadership, Public Relations and tagged , .

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