Too Big To Fail: 3 Lessons of the “London Whale” Debacle
Of the many scandals that have plagued Wall Street of late, the “London Whale” trades, which cost banking giant JPMorgan Chase more than $6 billion, has captured the attention of the financial media more than any other. The biggest reason for journalists’ obsession with this story is that it tarnished the reputation of JPMorgan CEO Jamie Dimon, who is widely thought to be one of the most competent bank CEOs in the business, and one of the few who ably steered his bank through the subprime-mortgage crisis. And as far as the media is concerned, the bigger they come, the more people like to watch ’em fall. But there is more to this story than the comeuppance of the biggest banker on the Street today. The London Whale debacle, and the subsequent Senate investigation, gives us a window into the culture and operations of the biggest bank in America as it adjusts to a postcrisis world in which Dodd-Frank is the law of the land. And the picture painted isn’t exactly comforting. The ...
america
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cio
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insolvency
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jpmorgan
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What Have We Learned? 3 Lessons from the London Whale Trading Debacle
Of the many scandals that have plagued Wall Street of late, the “London Whale” trades, which cost banking giant JPMorgan Chase more than $6 billion, has captured the attention of the financial media more than any other. The biggest reason for journalists’ obsession with this story is that it tarnished the reputation of JPMorgan CEO Jamie Dimon, who is widely thought to be one of the most competent bank CEOs in the business, and one of the few who ably steered his bank through the subprime mortgage crisis. And as far as the media is concerned, the bigger they come, the more people like to watch ‘em fall. But there is more to this story than the comeuppance of the biggest banker on the Street today. The London Whale debacle, and the subsequent Senate investigation, gives us a window into the culture and operations of the biggest bank in America as it adjusts to a post-crisis world in which Dodd-Frank is the law of the land. And the picture painted isn’t exactly comforting. The ...
america
attention
billion
business
ceo
ceos
chase
cio
comeuppance
competence
dimon
dodd-frank
insolvency
institutions
investigation
investment
jamie
journalists
jpmorgan
london whale
luckily
obsession
office
operations
reputation
senate
situation
street
wall
JP Morgan Chase to slash $1 billion; cut staff
JPMorgan Chase became the latest Wall Street firm to scale back in an uncertain economy, announcing plans Tuesday to save $1 billion through various costs cuts and about 4,000 job reductions.
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Found more than 1 month ago on channel
MSNBC
Regulator plans to sanction JPMorgan on "Whale" trade-report
A U.S. bank regulator is planning to issue a formal action against JPMorgan Chase & Co , demanding that the bank fix lapses in risk controls that allowed some of its traders to build a risky bet that lost $6.2 billion, the Wall Street Journal reported on Thursday.
action
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chase
journal
jpmorgan
sanctions
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whale
Found more than 1 month ago on channel
Reuters
CFTC probing JPMorgan Chase trading loss
Financial regulator says it is investigating a trading blunder that cost the Wall Street bank more than $2 billion
cftc
chase
jpmorgan
street
wall
Found more than 1 month ago on channel
CBS