Back in May, JPMorgan revealed a $2 billion trading loss from the ‘London Whale’ and as the summer progressed that number kept on growing.
And it only got worse throughout the summer.
During the month of June, the bank’s CEO Jamie Dimon was grilled before the Senate Banking Committee and the House Financial Services Committee. He maintained that it was an ”isolated incident” and said “senior management and myself should have better monitored the CIO office.”
What’s more is when the bank released its Q2 earnings results on July 13th, it was revealed that the trading loss was $5.8 billion. The bank also had to restate its Q1 net income saying it was $459 less than previously reported.
Then there was the highly anticipated Facebook IPO, which ended up being plagued with problems.
Customers including Knight Capital, Citadel’s retail facing arm and Citi claimed to have lost millions from trading shares of the social network.
What’s more is Facebook shares were priced at $38 a piece and these days they’re trading below $22 a share.
There was also the Morgan Stanley Facebook IPO disclosure scandal.
Mario Tama/Getty Images
At the time, our Editor-In-Chief Henry Blodget who has more than 20 years experience in the tech IPO business, called it “a highly unusual and negative event.”
Following the Facebook IPO fiasco, Morgan Stanley’s CEO James Gorman defended his bank on CNBC saying they acted “with great integrity.” He added that Facebook investors will just have to be a little bit patient.
Read More: Businessinsider