How JPMorgan Lost $2 Billion Without Really Trying

The bank won’t say, but clues are surfacing
Demonstrators outside JPMorgan's annual meeting in Tampa put egg on Dimon's face Photograph by Jim Stem/Bloomberg

The $2 billion trading loss that JPMorgan Chase announced in a hastily scheduled conference call on May 10 has its roots in credit-default swaps, the same derivatives that helped trigger the financial crisis—only this time there were no mortgages involved.

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