Some of the world’s biggest central banks have announced a programme of co-ordinated action designed to support the global financial system.
Tag: Business
JPMorgan reveals shock $2bn trading loss on investments
JPMorgan Chase, the biggest US bank, has revealed a surprise trading loss of at least $2bn (£1.2bn) on complex investments made by its traders.
Bank Order Led to Losing Trades
J.P. Morgan’s Efforts to Shield Itself From European Market Fallout Prompted Disastrous Bets
J.P. Morgan Chase & Co. told traders several months ago to make bets aimed at shielding the bank from the market fallout of Europe’s deepening mess. But instead of shrinking the risk, their complicated bets backfired into losses of as much as $200 million a day in late April and early May, people familiar with the situation said.
Stock Market Sees Best Month In Nearly A Decade, After Big Drop
Stocks had their best month in almost a decade, rising from their low point of the year in an almost uninterrupted four-week rally. The juice mostly came from Europe, which appeared to finally find a strategy for taming its debt crisis.
What are Occupy Wall Street’s wins and losses?
Bank fees: Every time you use your Bank of America debit card and don’t pay $5, thank Occupy Wall Street.
Changing the national conversation: Coming out of the summer, the economic debate in Washington was dominated by talk of cutting the deficit — not jobs, not the wealth disparity in America, and certainly not the role of money in politics.
Getting Wall Street’s attention: Perhaps even more impressive is how OWS has seeped into Wall Street’s own conversation. This is partly due to the early attention paid by a few influential financial bloggers, such as bank critic Barry Ritholtz. But bankers were clearly stung by the 1% tag and angered by suggestions they hadn’t earned their bonuses.