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JP Morgan accused of hiding losses in Senate report
JP Morgan accused of hiding losses in Senate report
US bank JPMorgan Chase has been accused of hiding its huge trading losses by a US Senate panel.
The bank lost $6.2bn (£4.1bn) in trades last year by an employee nick-named the London Whale.
The Senate Permanent Subcommittee on Investigations found that the bank misled investors and ignored risks.
In response, the bank said: "While we have repeatedly acknowledged mistakes, our senior management acted in good faith."
JP Morgan added that the management "never had any intent to mislead anyone".
http://www.bbc.co.uk/news/business-21795662#TWEET663478
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