Economy and Finance
JP Morgan accused of hiding losses by Senate report
US bank JPMorgan Chase has been accused of hiding its huge trading losses by a US Senate panel.
JPMorgan Chase has been accused of hiding its huge trading losses by a US Senate panel.
The bank lost $6.2bn (£4.1bn) in trades last year by an employee nicknamed the London Whale.
The Senate Permanent Subcommittee on Investigations found that the bank misled investors and ignored risks.
The report suggested that Jamie Dinon, chief executive at the bank knew about the huge losses being incurred.
Senator john McCain said:
“The bank “gambled away billions of dollars through risky and exotic trades, then intentionally hid its losses from investors and the public, showing complete disregard for risk management procedures and regulatory oversight,”
The committee will question bank officials and regulators later today about the huge trading losses.
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