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Banking

WireTap 0900 11/05/12

A round-up of the key stories across the specialist financial media, including news that JPMorgan Chase announced a $2 billion trading loss on credit derivatives trading


JPMorgan loses $2 billion in ‘egregious’ error

JPMorgan Chase announced a surprise $2 billion trading loss on credit derivatives trading, which chief executive Jamie Dimon blamed on “errors, sloppiness and bad judgement” and warned “could get worse”.

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Stocks, commodities drop on JPMorgan loss; dollar climbs

Stocks fell, commodities wiped out the year’s gains and the dollar strengthened after JPMorgan Chase & Co’s $2 billion surprise loss on synthetic credit securities underscored risks to global financial markets. Treasuries rallied for an eighth week, the longest winning streak since 1998.

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Moody’s issues capital warning to global banks 

Moody’s has warned that the tendency of global banks to avoid new capital requirement rules and load up on debt will continue to put pressure on their creditworthiness.

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Germany says Greece''s fate is in its own hands

German foreign minister Guido Westerwelle on Friday turned up the pressure on Greece''s political parties, saying that continued international aid for the weakened nation could only be disbursed if Athens implements economic reforms. 

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Facebook''s IPO already oversubscribed: source

Facebook Inc''s record initial public offering is already oversubscribed, a source familiar with the share listing says, days after the world''s largest social network embarked on a cross-country roadshow to drum up investor enthusiasm.

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