Tagged: JPMorgan Chase

First it was $2 billion.

Then "as high as $4 billion."

Now there's word from The New York Times that:

JPMorgan Chase is the largest banking corporation in America. It stood out as a beacon of stability during the recent U.S. financial meltdown. But not anymore.

The bank shocked Wall Street last week with a $2 billion loss. More losses may be on the way.

On this week's Money Matters, financial commentator Greg Heberlein and KPLU's Dave Meyer look at some of the lessons to be learned from this surprising development.

"It was a bad strategy. It was badly executed."

The words of JPMorgan Chase's CEO, Jamie Dimon, as he admitted late yesterday that the investment bank — or, more precisely, a single "rogue trader" working for the bank, had lost some $2 billion in the last six weeks in risky hedge-fund trades.

The news has sent chills through the markets. Shares of JPMorgan Chase, the largest U.S. bank, lost 7 percent in after-hours trading and British bank Barclays lost 2.9 percent, while more than 2 percent was shaved from Royal Bank of Scotland.

What happens when the captain of the financial industry is brought to Seattle to celebrate business leadership in the middle of a populist revolt aimed directly at the wealthy and financial companies?

Pepper spray. Arrests. Speeches. And a very nervous Seattle business school, caught in the crossfire, whose gala event of the year could be wrecked. What follows is a close look at the events and decisions leading up to the Nov. 2 clash in downtown Seattle gleaned from emails and documents obtained by KPLU.