JPMorgan’s ‘whale’ loss swells to $5.8bn
By Tom Braithwaite
ft.com
JPMorgan Chase has revealed that losses from the trading fiasco in its London office have swollen to $5.8bn and has restated its first-quarter earnings, opening up fresh questions over disclosures to investors.
- DonkeyHotey / Foter
The bank said it had “clawed back” millions of dollars paid in bonuses from the traders who caused the losses, which first emerged in May, and was restating the previous earnings on fears that losses had been covered up by traders reporting their positions too positively.
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