JPMorgan fell 8 percent in the stock market after recognizing losses of 2,000 million
JPMorgan Chase, the largest U.S. bank by assets, fell almost 8.5% today in electronic trading prior to the opening of the New York Stock Exchange a day after recognizing a error “egregious” that caused losses of at least 2,000 million.
Before the traditional bell sound with which begins the regular session on the floor New York, shares of JPMorgan Chase left a strong 8.47% or $ 3.45, which were changed to 37.29 dollars.
The drop came a day after the bank announced, after stock markets closed in New York, that a number of errors in its derivative transactions led to a loss of at least 2,000 million.
The bank made the announcement through a filing with the Securities and Exchange Commission of USA (SEC, for its acronym in English), but later the own company’s CEO, Jamie Dimon held a conference call with its investors to explain what happened.
Dimon called the errors “egregious” and have been the result of an investment strategy in its derivative transactions “incompetent”, but said the company “recognize” the problem “will fix it, and it will page.”
The newspaper The Wall Street Journal detailing the errors could have been committed by a stockbroker JPMorgan Chase in London, known as “London Whale” who have made big bets to “sustained economic recovery with a complex network of investments linked to the value of corporate bonds. ”
JPMorgan Chase closed the last session with a rise of 0.25% on the NYSE and in so far this year has risen by 22.53%, while in the last twelve months has lost on 9 , 55%.
Category: Investing
