"This Report summarizes the review of the JPMorgan Chase & Co. (“JPMorgan” or the “Firm”) Management Task Force regarding the losses incurred in 2012 by the Firm’s Chief Investment Office (“CIO”)."
"These observations are based on a review conducted by the Task Force and its legal advisors, which has included a significant number of interviews of current and former JPMorgan employees, and an examination of millions of documents and tens of thousands of audio files. The Task Force has shared and discussed these observations with the Review Committee established by the Board of Directors (the “Board”) as well as the full Board"
"This Report addresses three basic questions. First, it addresses what happened by describing the trading strategiesand activities that in 2012 led to large losses in a portfoliomanaged by CIO (the “Synthetic Credit Portfolio”). Second, the Report addresses how it happened by offering observations about the flawed trading strategies, lapses in oversight, deficiencies in risk management, and other short-- comings this incident ha s highlighted. Finally,the Report addresses where the Firm is now by summarizing the comprehensive remedial measures the Firm has undertakenin light of the lessons learned."
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