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JPMorgan loses $2bn in bad trading.

Summary: Traders at JPMorgan lost the company $2 billion in investments in the first quarter.

Traders at JPMorgan lost the company $2 billion in investments in the first quarter.

The losses come as a surprise to America's biggest bank which, after factoring in other gains, are estimated to come in at $800 million in the second quarter.

Chief Executive Jamie Dimon said strategy taken at its chief investment office had been "riskier, more volatile and less effective" than earlier thought.

"There were many errors, sloppiness and bad judgement. These were egregious mistakes," he said in an unscheduled conference call. "They were self-inflicted and this is not how we want to run a business."

The loss was revealed in a regulatory filing.

Independent Television News Limited 2011. All rights reserved.

Independent Television News Limited 2012. All rights reserved.

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Publication:Independent Television News Limited (ITN)
Date:May 21, 2012
Words:145
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