JPMorgan faces increasing scrutiny
May 13 , 2012
U.S. politicians have called for tighter financial regulation following JPMorgan Chase’s trading loss of $2 billion on Thursday.
The biggest U.S. bank’s shares plummeted by nearly 10 percent on Friday, equal to a loss of $14 billion from its value.
Democratic Congressman Barney Frank said the magnitude of the loss “blows up” the need for tighter restrictions.
The Securities and Exchange Commission is looking into the bank’s accounting practices and how it updated the markets about the loss-making trades.