JPMorgan lost $273 million on a single client in the fourth quarter (JPM)
|01/15/2018||Posted by BusinessMediaguide.Com under General World News||
- In an already wonky quarter, JPMorgan reported taking a $143 million loss in its equities trading department from a single client.
- The department had strong equities performance apart from that one loss.
- The client was identified as Steinhoff International, a South African retailer embroiled in an accounting scandal.
- Total losses related to Steinhoff could be as much as $273 million.
After accounting for effects from the new tax law, JPMorgan posted a solid quarter, announcing earnings of $1.69 share Friday.
But in an already wonky quarter, JPMorgan reported an unusual loss not related to the new law: Its equities team took a $143 read more >>>