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SEC looking at JPMorgan financial reporting
WASHINGTON |
WASHINGTON May 22 (Reuters) - The U.S. Securities and Exchange Commission will look into the "appropriateness and completeness" of JPMorgan Chase & Co's financial reporting following the bank's recent disclosure of large trading losses, SEC Chairman Mary Schapiro told the Senate Banking Committee on Tuesday.
Earlier this month JPMorgan announced it had suffered at least $2 billion in losses, a figure that is expected to grow, after a series of trades that the bank says were intended to hedge risk went awry.
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