Business News: Two former JP Morgan Chase traders face charges

Business News

(CNN) - In Business News, Federal prosecutors have charged two former JP Morgan traders with hiding a massive trading loss last year.

JP Morgan is the nation's largest bank. The losses topped $6 billion dollars. The bank was not charged.

A third trader, who engineered the deals, avoided prosecution by helping investigators build their case against the other two traders.

(CBS) - Cisco systems is cutting 4,000 jobs, or about five percent of its workforce. 

The company sites the difficult economic climate as the reason for the layoffs, which are set to begin in 2014. 

Shares of Cisco stock plunged 10 percent in after hours trading Wednesday at the news. 

The company designs, manufactures and sells networking equipment.  




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