JP Morgan reorganises US operations after trading losses

New angles

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Stung by trading losses in the second and third quarters of 2004, JP Morgan has reshuffled its US fixed-income sales and trading business. This follows a series of departures, notably of Mark Werner, US head of trading, and

Jeremy Barnum, the head of credit default swap trading who left the firm in September after experiencing a reported $200 million of losses.

Now, further details are coming to light of trading losses in excess of $200 million at the bank’s dollar vanilla interest rate options

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