J.P. Morgan Chase says a trading blunder cost the bank $5.8 bill - KYTX CBS 19 Tyler Longview News Weather Sports

J.P. Morgan Chase says a trading blunder cost the bank $5.8 billion

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EAST TEXAS (KYTX) -- J.P. Morgan Chase says a trading blunder cost the bank $5.8 billion since the beginning of April.

That's three times its original estimate.

The bank is dismissing all of the managers involved in the money losing transaction and demanding two years of back pay from them.

The division involved in the trade has been closed.

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