Sure, no big whoop; traders lose billions every day. According to fins.com: J.P. Morgan's top brass is trying to reassure
employees the firm isn't going down the same unfortunate path other risk-loving
banks have followed after disclosing a $2 billion trading loss generated by the
bank's Chief Investment Office.
Internal memos obtained by FINS from CEO Jamie
Dimon -- previously thought to be immune from such calamities -- and Chief Risk
Officer John Hogan seek to assure employees that the bank will fix whatever
went wrong. It is typical for leaders of large organizations to issue widely
distributed responses to employees following the disclosure of big bad news.
Sent by Dimon at 5:07 p.m. last evening to all employees,
the first memo said that firm "has made serious mistakes in how we managed
this portfolio which was riskier, more volatile and less effective as a hedge
than we had previously thought." He said the bank has "top
people" "digging deep into these issues," and that the firm
"will learn from this experience and take whatever correction is needed." He told employees that no customers suffered
and that he was proud of the 270,000 people who work at J.P. Morgan....
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