October 16 is a day many have marked on their calendars. Employees, investors, analysts, regulators and competitors are all eager, for a variety of reasons, to hear JPMorgan Chase’s third-quarter results.
The question they all want answered is: what went wrong? How could a bank that prided itself on its risk management culture suffer a double whammy in its trading and loans businesses which, combined, as David Hendler, banks analyst at independent research firm CreditSights points out, “will probably lop $2 billion or more from pre-tax income which may turn into a substantial loss for the quarter”?
Trading is one of the bank’s core businesses, and one of its most reliable performers.
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