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.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.