JPMorgan’s Trading Strategy Unique Among Big Banks, Curry Says
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JPMorgan Chase & Co.’s chief investment office engaged in trading strategies that set it apart from other major U.S. banks, according to Thomas Curry, head of the Office of the Comptroller of the Currency.
OCC examiners probing JPMorgan’s $2 billion trading loss have concluded that other big banks the agency regulates haven’t followed similar practices with large, illiquid hedges, Curry said in a letter to Senator Sherrod Brown dated June 12. JPMorgan was more heavily involved in synthetic credit derivatives than other banks, he said.