JPMorgan Chase, the largest bank in the United States, said today that a trading blunder had cost the bank $5.8 billion since the beginning of the year — nearly triple its original estimate.
The company also raised the prospect that traders had attempted to conceal the trading loss. "This has shaken our company to the core," CEO Jamie Dimon told analysts.
The bank said all managers in the London office responsible for the trade had been dismissed without severance pay and that it planned to revoke two years' worth of pay from each of those executives.
For more: Business - CBC News
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