The fallout from banking giant JPMorgan Chase's $2 billion — and counting — loss has made its way into the presidential campaign. The president and presumptive GOP challenger Mitt Romney have very different views about the regulation of Wall Street, in particular the Dodd-Frank financial systems overhaul law.
Three high-ranking executives, including one of the most powerful women on Wall Street, are expected to resign from JPMorgan Chase this week because of their roles in the $2.3 billion loss the bank recently suffered when some risky trades blew up in its face.
The Wall Street Journal, which broke that news, also reports that JPMorgan's losses from the "giant trading blunder" keep growing. It cites "people familiar with the situation," as its sources.
JPMorgan Chase is licking its wounds after announcing that it lost at least $2 billion in a hedging strategy that went terribly wrong. The announcement late Thursday sent the bank's shares tumbling more than 9 percent on Friday.
Meanwhile, regulators on both sides of the Atlantic have begun looking into what happened. And there were calls Friday for tighter restrictions on the kind of trades the bank engaged in.