Createwealth888:
Another case of "They all ultimately made big bets and lost big time."
Bank suffers massive credit derivative trading loss caused
by London trader's bet that corporations would not default
JP MORGAN, which emerged from the financial crisis as America's biggest bank,
has roiled markets by disclosing that it had suffered a credit derivative
trading loss of at least US$2 billion.
The stock price of JP Morgan and other banks tumbled and contributed to further declines in Asia, Europe and the US yesterday.
JP Morgan CEO Jamie Dimon apologised in New York on Thursday night for "errors, sloppiness and bad judgment" which led to the loss.
The trader who carried out the trade in the complex credit default derivative market was Bruno Iksil, nicknamed "the London whale" and "Voldemort" after the Harry Potter villain.
His identity was flagged by several reports but not directly confirmed by the bank.
The stock price of JP Morgan and other banks tumbled and contributed to further declines in Asia, Europe and the US yesterday.
JP Morgan CEO Jamie Dimon apologised in New York on Thursday night for "errors, sloppiness and bad judgment" which led to the loss.
The trader who carried out the trade in the complex credit default derivative market was Bruno Iksil, nicknamed "the London whale" and "Voldemort" after the Harry Potter villain.
His identity was flagged by several reports but not directly confirmed by the bank.
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