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FBI launches probe into JP Morgan's $2 billion trading loss |
The Federal Bureau of Investigation (FBI) has launched a criminal
investigation into JP Morgan Chase's 2 billion dollars trading loss. According
to The Telegraph, the FBI and the US Department of Justice are examining whether
there was any unlawful activity that led to the losses. JP Morgan CEO Jamie Dimon
has said that he would consider clawing back the bonuses of any executives who
were found to be responsible. Dimon, however, did not comment on how long its
own internal investigation will take, but said the bank would do the right thing.
The losses have already led Ina Drew, the head of the bank's chief investment
office, to resign and more are top-level officials are expected to leave the bank.
The disclosure of the losses has re-ignited the debate in the US over whether
more regulations are needed for a stable financial system.
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