JP Morgan loses $2bn in six weeks

America’s largest bank JPMorgan Chase lost $2bn in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money.

JP Morgan loses $2bn in six weeks
Fri, 11 May, 2012 - 08:22

America’s largest bank JPMorgan Chase lost $2bn in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money.

The company’s stock plunged almost 7% in after-hours trading after the loss was announced. Other bank stocks, including Citigroup and Bank of America, suffered heavy losses as well.

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