JPMorgan and bank capital requirements: the long-short story

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Financial Times 12h ago

JPMorgan and bank capital requirements: the long-short story - Financial Times

Quick Summary:

They reported the issue in a letter sent to board members, the Federal Reserve and the financial regulator, the Bureau of Investigative Journalism (TBIJ) and the International Consortium of Investigative Journalists (ICIJ) can reveal.

A JPMorgan whistleblower said the world’s biggest bank was misreporting its trading activity, which could have inflated its earnings by billions of dollars and added millions to executive pay packages.

In fairness to the Fed, there are a few reasons why they might’ve wanted to hand out a few mulligans on this one. They are significantly stricter than the Basel standard on a number of other issues, particularly year-end window dressing, and have come in for some pretty trenchant criticism from the industry for doing so. And the Europeans are not exactly risk-measurement angels.