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Failed hedging strategy cost JP Morgan $2bn

May 11, 2012 - JP Morgan Chase & Co lost a minimum of $2 billion during a failed hedging strategy, it has emerged. Jamie Dimon, chief executive of the major US bank - which holds global assets of $2.3 trillion - revealed the company has suffered eight-figure losses in its synthetic credit portfolio in the last few months.

During a conference call with stock analysts, Mr Dimon admitted the problems had been caused by a trader exposed in a recent Wall Street Journal article, who took an oversized position on a hedge funds scheme, Reuters reports.

Throughout the financial crisis, JP Morgan prided itself on not sustaining losses and forged its reputation based on strong risk management.

With this in mind, the senior official said this issue has caused embarrassment to the organisation and could affect its short-term performance.

"This puts egg on our face ... it is risky and it will be for a couple quarters," he was quoted as saying.

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