JPMorgan Chase shares drop 8% on $2bn trading loss

Shares in JPMorgan Chase slid even further today with a 8.5% drop in early trading on Wall Street, following a surprise $2bn derivatives trading loss.

The broader US stock market was also lower, with the S&P 500 falling 0.12% and the Dow Jones down 1%. Financial shares, which comprise 15% of the S&P 500, saw the greatest decline as chief executive officer Jamie Dimon said the bank made mistakes and trading losses were "self-inflicted". Shares in JPMorgan Chase were 6.73% lower in after hours trading on Thursday. In a call with analysts, Dimon said the loss on its proprietary trading desk was linked to reports about a trader, nicknamed the 'London Whale', who reportedly amassed an outsized position hedge funds were betting against...