JPMorgan reveals $2 billion trading loss on investments
May 11 , 2012
JPMorgan Chase, the biggest U.S. bank in terms of assets, has revealed a $2 billion trading loss on complex investments made by its traders.
After accounting for other gains, overall losses at it chief investment office are estimated to stand at $800 million in the second quarter.
Shares in JPMorgan fell 6 percent in after hours trading with other banking stocks such as Goldman Sachs, Citigroup and Bank of America following suit.