JPMorgan CEO says he should have caught "London whale" trades
WASHINGTON (Reuters) - The chief executive of JPMorgan Chase & Co (JPM.N) said he should have caught the "London whale" derivatives trades that resulted in a multibillion-dollar loss for the bank.
"We made a stupid error," Jamie Dimon told an audience at the Council on Foreign Relations in Washington on Wednesday. "I should have caught it ... I didn't."
So far, JPMorgan has estimated its total trading loss at $5.8 billion. The losses stemmed from a London-based trader known as the "London whale" who took large positions in credit derivatives.
(Reporting By Sarah N. Lynch; editing by John Wallace)
- U.S. man sues soccer star Cristiano Ronaldo over CR7 trademark
- Moscow fights back after sanctions; battle rages near Ukraine crash site |
- Netanyahu vows to complete Gaza tunnels destruction |
- Argentina defaults but investors see eventual deal possible |
- Obama to Republicans: ‘Stop just hatin’ all the time’