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Credit Risk

JPMorgan has 'egg on face' after admitting $2 billion trading loss

"BANKING giant JPMorgan Chase & Company admitted yesterday it lost $2 billion from a trading portfolio that was supposed to have helped the bank manage credit risk."

"The Wall Street Journal reports that the announcement stunned the financial industry, in part because the highly regarded bank has largely navigated the financial crisis in good shape by avoiding the excessive risks that torpedoed rivals."