2012 JPMorgan Chase trading loss - Wikipedia, the free encyclopedia:
"In April and May 2012 large trading losses occurred at JPMorgan's Chief Investment Office, based on transactions booked through its London branch. The unit was run by Chief Investment Officer Ina Drew who has since stepped down. A series of derivative transactions involving credit default swaps (CDS) were entered into, reportedly as part of the bank's "hedging" strategy.[citation needed] Trader Bruno Iksil, nicknamed the London Whale, accumulated outsized CDS positions in the market. The original estimated trading loss of $2 billion was announced, with the final actual loss expected to be substantially larger. A number of investigations were launched to investigate the firm's risk-management system and its internal controls."
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