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May 11th, 2012
04:07 PM ET

With huge losses, pressure intensifies on JPMorgan Chase CEO

The stunning announcement came late Thursday–JPMorgan Chase would post a massive loss in the billions of dollars–at least $2 billion since the beginning of April. The company's CEO, Jamie Dimon, expressed regret for poor decisions.

The group that suffered the losses is part of the bank's so-called corporate unit, and had been making trades designed to hedge against risk.

The losses raise questions about the company and its leader–and will bring added pressure for added banking reform.


Filed under: Economy
soundoff (2 Responses)
  1. Chris Hambrook

    Good evening Erin, with the continuing struggles and confidence of the U.S. & World Banking system why don't you have a sit down interview with Mark Carney (Governor of the Bank of Canada) and/or Frank McKenna (Deputy Chair of T-D Bank and former Ambassador for Canada to the U.S.) Canada's Banking system is a model of strength, consistency and stabiliity that the rest of the world should model themselves.

    May 14, 2012 at 11:38 pm | Reply
  2. Raymond

    I believe this just shows that a "hedge" will not work in every case... We have delusions that we can predict and be safe with our money... What I really would like to have happen is that the executives should be the first to be wiped out not the last... if they take risk with their money then I would believe that the management of risk would be taken much more care...... Take their money first ...To a bank executive their is no risk

    May 12, 2012 at 8:28 am | Reply

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