JPMorgan $2 billion snafu the nail in prop trading’s coffin
By Chris ClairEuropean regulators don’t need an excuse to tighten the screws on big finance and outlaw proprietary trading at investment banks. But JPMorgan’s $2 billion hedging loss plays right into their hands.
“The Volcker rule, aimed at banning banks speculating with depositors’ cash, will become law in the United States,” Reuters’ Jamie McGeever reports. “JPMorgan’s oversight failure here could push Europe to follow suit.”
