Saturday 12, May 2012 by Robin Amlôt
JPMorgan admits $2 billion (and rising) loss, downgraded by Fitch Ratings
The bank’s Chief Investment Office racked up the loss through trading on synthetic credit positions (derivatives). However, unlike similar losses revealed by other institutions in the past, this trading was not ‘unauthorised’. JPMorgan has already admitted that the losses incurred could rise by another billion to $3 billion.
