JP Morgan loss flags shortcomings of Volcker rule

Paul Volcker

JP Morgan Chase on May 10 revealed risky trading activities by a section of the business had resulted in a $2 billion loss for the firm. The news that a bank that had come through the financial crisis relatively unscathed due to its avoidance of risk-taking had now run into trouble in this area shook markets worldwide.

In the immediate aftermath, thoughts turned to whether the new legislation due to enter into force later this year in the US could have prevented the situation. The so-called

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