JPMorgan Risk Hidden by Reporting, Comptroller Curry Says
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JPMorgan Chase & Co. caught regulators off guard with a trading loss of at least $2 billion because the bank’s reporting lacked enough detail to raise any alarm, the U.S. Comptroller of the Currency said.
“In hindsight, if the reporting were more robust or granular, we believe we may have had an inkling of the size and potential complexity and risk of the position,” Comptroller Thomas Curry said today at a hearing of the House Financial Services Committee in Washington.