Shares of JPMorgan Chase (JPM) were off nearly 7% after hours today after the company said its corporate/private equity business expected to take an $800 million after-tax loss for the second quarter.
This stemmed from a paper loss of some $2 billion resulting from a hedge of the company's entire credit position. The hedge was "flawed, complex, poorly reviewed, poorly executed and poorly monitored," CEO Jamie Dimon said on a hastily organized conference call. Full story
