1. Bank Order Led to Losing Trades.
- Author
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Fitzpatrick, Dan, Sidel, Robin, Enrich, David, Zuckerman, Gregory, Burne, Katy, and Eaglesham, Jean
- Subjects
- *
CORPORATE finance , *FINANCIAL risk management , *BUSINESS losses , *BANK management , *SECURITIES trading , *DERIVATIVE securities - Abstract
The article reports that the complex trades of derivative securities in April-May 2012 which resulted in business losses of over $2 billion for the banking industry firm J.P. Morgan Chase & Co. were made on instructions from one of the bank's senior executives. The trades were made to limit the bank's risk exposure to the European Sovereign Debt Crisis.
- Published
- 2012