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