JPMorgan: Top Execs in Bad Trade Dismissed
As just reported on Fox and Friends, JPMorgan Chase says it has dismissed, without severance pay, top managers tied to its highly publicized trading blunder. In addition, the bank says it's taking back two years' pay from those officials. Below is more from the Associated Press:
The bank is discussing the trading loss with Wall Street analysts. It says the loss from the trade in the most recent quarter was $4.4 billion. The bank's original estimate was $2 billion.
JPMorgan also says it has discovered information that "raises questions about the integrity" of values placed on certain trades.
CEO Jamie Dimon says: "We're
not making light of this error, but we do think it's an isolated event."