JPMorgan Chase & Co.'s trading loss of more than $2 billion points to failures in the bank's risk-management practices, U.S. regulators told lawmakers today.
Comptroller of the Currency Thomas J. Curry said the losses raise “questions about the adequacy and rigor” of the bank's risk operation, particularly of the unit which experienced the losses, the chief investment office.
“We believe that the issue at JPMorgan Chase is one of inadequate risk management within the office of the chief investment office,” Curry told lawmakers. The agency is looking to see if “similar gaps exist in any other area of JPMorgan's risk management architecture,” he said.
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