economics in the news.
JPMorgan Chase, the largest bank in the United States, has shocked the financial community by reporting a two billion dollar loss on investments made by the bank’s traders.
Officials with the bank blamed “errors, sloppiness and bad judgment” for the losses and stated that it was possible another billion dollars could be lost because of the strategy that has been in place for investors.
The bank’s chief investment office will lose an estimated 800 million dollars in the second quarter of the year even when accounting for gains in other investment areas. (più…)