OUCH! – JP Morgan announced a surprise $2bn trading loss on credit derivatives trading


The FT.Com running with this story here

After markets closed tonight, JP Morgan announced a surprise $2bn trading loss on credit derivatives trading, which chief executive Jamie Dimon blamed on “errors, sloppiness and bad judgement” and warned “could get worse”.

Unfortunately, banks can now forget about any watering down of the Volcker Rules.

More will become clear tomorrow, more on story here and here

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