●What has happened at JPMorgan?
When Jamie Dimon revealed an unexpected $2bn loss in the bank’s “synthetic credit portfolio”, he did not give details. The loss took place in the bank’s chief investment office, which JPMorgan says is charged with managing and offsetting the vast amounts of “credit exposure” the bank incurs through its daily business of lending and investing on behalf of clients. These types of hedges may be allowed under the Volcker rule, which bans so-called proprietary trading by banks.
●Wait, haven’t I heard about this office before?
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