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Risk News

5/14/2012
3 JPMorgan Chase execs may depart as CEO Jamie Dimon acknowledges ‘terrible, egregious mistake’ on trading

"The embarrassing losses at megabank JPMorgan Chase reverberated in Washington, Wall Street and on the campaign trail Sunday, with JPMorgan Chase chief executive Jamie Dimon acknowledging that the bank “made a terrible, egregious mistake” by dismissing worrisome signs earlier this year about the bank’s trading strategy."

Annie's take:

See my ASA newsletter column today for more examples of history-making losses like this one. This is not simply poor execution, it is also the failure of alarms or alerts in systems to throw up intelligible messages.