JPMorgan Chase CEO, Jamie Dimon Announced His Bank Lost $2 Billion In The Last 6 Weeks
Submitted by News Desk 2 on Fri, 05/11/2012 - 09:24
New York City -
JPMorgan Chase CEO, Jamie Dimon made a hurried teleconference call yesterday and announced the that the nation's largest bank had lost $2 billion over the last six weeks, and warned that another billion could be lost as well before the bank can get a handle on the situation.
In what he has called "egregious", he said the bank made risky investments that did not pay out, and that along with sloppy documentation, poor safety procedures and an overall lack of oversight allowed the bank to get into this position.