JP Morgan’s $2B Loss Causes More Worry In Banking Industry
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Friday started off as a down day and the reason for that was the announcement by JP Morgan Chase that they are going to loose $2 billion dollars maybe more because of bad trades out of their London office. Jamie Dimon, Chairman and CEO of JP Morgan Chase, stepped up and took responsibility stating that the bank made a mistake. As a result the stock market on Friday opened to the downside. This news coming out of JP Morgan Chase is giving investors, advisors, analysts and the like flashbacks of the panic of 2008. Ed Butowsky, wealth manager, financial advisor, and managing partner of Chapwood Investment Management, joins Fox Business’ Varney & Company to examine if the severity of this announcement and how it compares to the panic of 2008.
Ed Butowsky is the managing partner of Chapwood Investment Management and is an internationally recognized expert in the investment wealth management industry. Ed is also a frequent guest on other networks such as CNN, NBC, ABC, Fox News, Fox Business, and Bloomberg to name a few.