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JPMorgan traders may have sought to conceal losses
NEW YORK (AP) - JPMorgan Chase said Friday that its traders may have tried to conceal the losses from a soured bet that has embarrassed the bank and cost it almost $6 billion - far more than its CEO first suggested.
The bank said an internal investigation uncovered evidence that led executives to "question the integrity" of the values, or marks, that traders assigned to their trades.
JPMorgan also said that it planned to revoke two years' worth of pay from some of the senior managers involved in the bad bet, and that it had closed the division of the bank responsible for the mistake.
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