fitch downgrades jpmorgan chase
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Ratings slashed to A+

Fitch downgrades JPMorgan Chase

Arab Today, arab today

Arab Today, arab today Fitch downgrades JPMorgan Chase

Jamie Dimon of JPMorgan Chase & Co.
Washington - Agencies

Jamie Dimon of JPMorgan Chase & Co. Fitch Ratings Friday downgraded JPMorgan Chase (JPM), one day after the largest US bank disclosed one of its units had lost $2 billion in trades. Fitch lowered JPMorgan's short-term and long-term debt - reducing the long-term grade to A+ from AA-, a CNN Money special reported. Fitch placed the bank on ratings watch negative.
In a statement announcing the downgrade, Fitch said it considered the $2 billion loss as "manageable" but said "the magnitude of the loss and ongoing nature of these positions implies a lack of liquidity."
"It also raises questions regarding JPM's risk appetite, risk management framework, practices and oversight," Fitch said.
Shares of JPMorgan fell 9 percent in New York Friday, and the falloff persisted after hours, CNN reported.
US and British regulators said they have been discussing the losses at JPMorgan Chase for almost a month.
The New York Times reported Friday that inquiries, although none of them are formal yet, have centered on a derivatives trader based in London, who has been tagged with the nicknames "The London Whale" and "Voldemort." The trader, Bruno Michel Iksil, had built up derivative positions valued at $100 billion, The Wall Street Journal reported.
The bank said Thursday it had lost $2 billion in trades at its Chief Investment Office, a risk assessment branch where Iksil works.
Iksil did not return calls requesting a comment. He still works at the bank, the Journal said.
Chief Executive Officer James Dimon said Thursday the losses were "self-inflicted and this is not how we want to run a business."
By Friday pundits and politicians were calling the losses validation of the so-called Volcker Rule, named after former US Federal Reserve Chairman Paul Volcker. The rule is meant to limit or ban proprietary lending by commercial banks - and prohibit them from owning hedge funds, which are storefronts for investment risks.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

fitch downgrades jpmorgan chase fitch downgrades jpmorgan chase

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

fitch downgrades jpmorgan chase fitch downgrades jpmorgan chase

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday