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JP Morgan Trading Losses: Implications for the Volcker Rule and Other Regulation

by Sabrina I. Pacifici on Aug 22, 2012

CRS report – JP Morgan Trading Losses: Implications for the Volcker Rule and Other Regulation, August 16, 2012

“On May 10, 2012, JP Morgan disclosed that it had lost more than $2 billion by trading financial derivatives. Jamie Dimon, CEO and chairman of JP Morgan, reported that the banks Chief Investment Office (CIO) executed the trades to hedge the firms overall credit exposure as part of the banks asset liability management program (ALM). The CIO operated within the depository subsidiary of JP Morgan, although its offices were in London. The funding for the trades came from what JP Morgan characterized as excess deposits, which are the difference between deposits held by the bank and its commercial loans.”

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