'London whale' loss stuns financial world, could trigger calls for more regs
(NEWSER) - JPMorgan Chase has stunned the financial world by disclosing trading losses of $2 billion since the beginning of April, caused by what CEO Jamie Dimon calls "errors," "sloppiness" and "bad judgment." The losses came from bad trades made by a unit that was supposed to help America's biggest bank hedge against risk. A single trader, nicknamed the "London whale," made huge bets in the derivatives market that backfired, the Los Angeles Times reports. The bank says it could lose another $1 billion from the portfolio in the next quarter. More»
