JPMorgan Execs to Hear from Shareholders Following $2B Loss
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STAN HONDA/AFP/Getty Images(TAMPA, Fla.) — JPMorgan Chase executives are likely to get an earful from shareholders on Tuesday when they convene in Tampa, Fla.
The bank’s $2 billion in-house trading operating loss is expected to be a hot topic at the annual shareholders meeting. JPMorgan’s stock price has dropped dramatically since it reported the loss last week.
Despite the huge loss, Aaron Tasker with Yahoo Financial says the firm is still very strong.
“Two billion dollars is a lot of money. But for JPMorgan, it’s 0.1 percent of their assets. I mean the bank is gigantic, it’s huge, it’s very strong,” he says.
But Tasker adds that recent history makes investors nervous.
“You remember in the summer of 2007 Bear Stearns announced it had some big losses in two of its hedge funds. And people said ok that’s a problem, but nobody thought Bear Stearns was gonna go out of business over that. So again it’s that little nagging voice in the back of your head that says this is probably nothing but it could be something,” he says.
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