JPMorgan Chase took a $2 billion loss on trading in synthetic credit derivatives as the result of what CEO Jamie Dimon described as an "egregious" failure by the company's chief investment office. The bank took the loss as it tried to unwind holdings. "In hindsight, the new strategy was flawed, complex, poorly reviewed, poorly executed and poorly monitored," Dimon said. "This trading may not violate the Volcker rule but it violates the Dimon principle."
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