Reuters: Regulatory News: UPDATE 1-JPMorgan trade on regulator radar in April -source

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UPDATE 1-JPMorgan trade on regulator radar in April -source May 15th 2012, 20:46 Tue May 15, 2012 4:46pm EDT NEW YORK May 15 (Reuters) - Regulators first raised concerns in April about trading positions that led to a $2 billion-plus loss at JPMorgan Chase & Co, posing questions to senior management at the bank, a source familiar with the situation said on Tuesday. The U.S. Federal Reserve - JPMorgan's primary regulator - as well as the Office of the Comptroller of the Currency and the UK Financial Services Authority were all involved in monitoring the bank portfolio that suffered the big derivatives trading loss, the source said. The shock loss at one of Wall Street's most respected banks has raised questions over how aware regulators were of the risky trading, and how well they understood it. Though JPMorgan Chief Executive Jamie Dimon revealed the loss last week, media reports in early April said that a trader at the bank, dubbed the "London Whale," was playing a dominant role in certain markets. "It was on regulators' radar from April," when they began asking questions of the bank's senior managers and risk managers, said the source, would requested anonymity. Representatives of JPMorgan, the Fed, and the FSA declined to comment. An OCC representative was not immediately available.

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