JP Morgan executive to walk away with millions following trading loss - Telegraph All funds are in pounds. I wonder if she made more than $2.3 billion for the bank?
Whoops, spoke to soon. It appears the losses might be a little greater. JPMorgan's Trading Loss Is Said to Rise at Least 50% - Yahoo! Finance
JP morgan is still ranked as one of the top 20 earners in banking by bloomberg, using decent metrics. Crazy to think a bank can lose that much money until you realize that they have 2.265 trillion in total assets.... . . . . . Ok I am going to add to this via the edit option because it is unreal what happened. Basically 1) Guy makes bets on Derivatives of Derivatives (these things are put together like this. CDS Fails -> Bank Pays you and keeps contract CDS Paid Off -> You pay your premuims and see no losses...bank makes money 2) Hedge funds and OTHER DIVISIONS OF JPMORGAN CHASE are betteing AGAINST this guy 3) CDS's they had -> Fail 4) Other banks and investors make money, JPMorgan chases loses 5) Not all of JPMorgan loses as the other divisions make money...thus a semi succesful hedge 6) The division that BMI (Bruno Michel Iskel..or something like that) works in under Ina Drew is a FIXED INCOME division. This division is reported to show an $800 million loss for the quarter. 7) whos hurt? Pension plans and fixed income programs....IE usually the every day joe or a government entity. Crazy