Tuesday, May 15, 2012

Heads begin to roll at JP Morgan after US$2 billion trading loss

Heads have started to roll at the Wall Street banking giant JP Morgan Chase after revelations that it lost two billion US dollars in a failed trading strategy.

One of the bank's most senior executives is retiring after the London-based division she oversaw took bets that went horribly wrong.

Listen to my story broadcast on The World Today.

The heavy losses have raised serious concerns about excessive risk taking by banks and whether greater regulation is needed.

President Obama has also weighed in and he urged Wall Street to impose tighter regulations on risk.

No comments:

Post a Comment

What's your view on this?