Law360, New York (May 11, 2012, 11:36 AM ET) -- Bank shares plunged Friday morning after JPMorgan Chase & Co. disclosed it had suffered a $2 billion trading loss in a botched hedging strategy, a blow to the investment firm's reputation and its bid to influence financial regulatory reform.
JPMorgan shares tumbled more than 8 percent, while shares of Goldman Sachs Group Inc. and Citigroup Inc. fell about 4 percent. The sell-off followed JPMorgan's surprise announcement late Thursday that it had lost slightly more than $2 billion in trading over the last six weeks.
"Obviously, this...
JPMorgan Shocks Wall Street With $2B Trading Loss
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