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  1. #1
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    Dec 2009


    Default Bank stocks sink

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    Major bank stocks fell sharply on Friday after JPMorgan Chase surprised investors by announcing a $2 billion trading loss.

    JPMorgan's stock dropped 9 per cent in early trading, the most of the 30 stocks in the Dow Jones industrial average.

    Citigroup Inc. shares fell 4 per cent. Goldman Sachs Group Inc. and Bank of America Corp. both dropped about 3 per cent. New York-based JPMorgan said late Thursday that the loss came in a portfolio of the complex financial instruments known as derivatives. The loss also came in a division of the bank designed to help control its exposure to risk in the financial markets and invest excess money in its corporate treasury.
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