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James Dimon, Chairman and CEO of JPMorgan Chase. The company recently lost $2 billion as the result of trade deal placed out of its London offices.
JPMorgan Chase has announced the loss of $2 billion, the result of a complicated financial deal that has strengthened calls for tighter financial regulation of big banks.
The bank's chief executive, Jamie Dimon, said the company created a new portfolio of securities that were supposed to mitigate risk the bank had in other investments. But instead of reducing risk, the portfolio tumbled, creating the huge loss.
Here to explain what this means, and what it might mean to you, is Heidi Moore, New York Bureau chief for Marketplace.
Heidi Moore is New York Bureau Chief for Marketplace.