JPMorgan Chase, the largest U.S. bank in terms of assets, revealed on Thursday that it suffered a trading loss of at least $2 billion from a what it described as a failed hedging strategy.
The news has sparked intense speculation about what caused the loss, how the bank's internal controls missed it coming, and how it will affect JPMorgan moving forward. As famed investor Dennis Gartman told CNBC on Friday, "when ill news comes out, there is usually more ill news to follow.”
As details emerge about the loss, a series of questions come to mind:
- By CNBC’s Stephen Sedgwick. Ted Kemp contributed to this story.