JPMorgan Chase posts $2 billion loss

JPMorgan Chase, the largest bank in the US, has lost $US2 billion ($A1.98 billion) in a trading portfolio designed to hedge against risks the bank takes with its own money. The bank’s stock fell more than 6% in late electronic trading on Thursday after the loss was announced. Other bank stocks, including Citigroup and Bank […]

Jaclyn Densley May 11, 2012

JPMorgan Chase, the largest bank in the US, has lost $US2 billion ($A1.98 billion) in a trading portfolio designed to hedge against risks the bank takes with its own money.

The bank’s stock fell more than 6% in late electronic trading on Thursday after the loss was announced.

Other bank stocks, including Citigroup and Bank of America suffered heavy losses as well.