Updated 05/11/2012 09:44 PM
Chase Dealing With Fallout From $2B Investment Mistake
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JP Morgan shares tanked Friday after CEO Jamie Dimon said the firm suffered a $2 billion trading loss.
Dimon attributed to “egregious” failures in a unit managing risks with the company's own money.
London bankers weren't watching the investments closely enough and losses mounted as JP Morgan tried to hedge its bets.
Now the Securities and Exchange Commission is looking into how Chase is handling the situation while Dimon says the company is already taking steps to correct it.
"We've had many lessons learned and we've already changed some policies and procedures as we've gone along. In addition, you should know that all appropriate corrective action will be taken as necessary in the future," he said.
The Dow industrials edged lower to cap their biggest weekly loss of the year. Financial stocks pulled the market down, with JP Morgan taking the hardest hit, down more than 9 percent on Friday.