The bank restated first-quarter results, paring profit by
$459 million, in part because an internal review revealed that U.K. traders had
priced their books “aggressively,” Mike Cavanagh, head of Treasury &
Securities Services, said in a July 13 meeting with analysts. The mispricing
made losses on a portfolio of credit derivatives look smaller than they were,
and executives concluded that traders may have sought to hide the “full amount
of losses,” JPMorgan said in a presentation….
Monday, July 16, 2012
JPMorgan Blaming Traders Baffles Ex-Employees
JPMorgan Chase’s assertion that traders at its London chief
investment office may have intentionally mismarked trades, masking losses that
total at least $5.8 billion, makes little sense, former execs
with direct knowledge of the unit’s operation have told Bloomberg..
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment