J P Morgan loss: by numbers

$14bn wiped off bank's value.

Jamie Dimon, chief executive of J P Morgan, provided one of the soundbites of the week when he described events that wiped billions of dollars off the value of his bank thus: 

These were grievous mistakes, they were self inflicted, we were accountable and we happened to violate our own standards and principles by how we want to operate the company

It marked a major change of heart from Dimon who had dismissed earlier suggestions that something was badly wrong at the company he runs as "a complete tempest in a teapot".

And when you look at the numbers involved, it's not difficult to see why he changed his view:

 

$2bn – the amount the investment bank reported it had lost as a result of trades originally designed to protect it against the volatility of the financial markets. The trader at the heart of the affair is reported to be Bruno Iksil, based in London and owner of two nicknames: "London Whale" and Harry Potter's nemesis Voldemort.

$1bn – Dimon conceded that the overall losses could end up being even higher, possibly another $1bn.

$14.4bn – wiped off J P Morgan's share value on Friday following the announcement.

$350bn – vaule of assets held by J P Morgan's chief investment office in which Iksil worked. 

$100m – the amount Iksil is thought to have generated for the investment bank before this latest turn of events.

$14m – while it is not clear how much Iksil gets paid this is how much the boss of the CIO division, Ina Drew, received last year.

 

 

J P Morgan Chase CEO: "grievous mistakes"

Jon Bernstein, former deputy editor of New Statesman, is a digital strategist and editor. He tweets @Jon_Bernstein. 

David Lammy. Photo: Getty
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David Lammy calls for parliament to overturn the EU referendum result

The Labour MP for Tottenham said Britain could "stop this madness through a vote in Parliament".

David Lammy, the Labour MP for Tottenham, has called on parliament to stop Brexit.

In a statement published on Twitter, he wrote: "Wake up. We do not have to do this. We can stop this madness and bring this nightmare to an end through a vote in Parliament. Our sovereign Parliament needs to now vote on whether we should exit the EU. 

"The referendum was an advisory, non-binding referendum. The Leave campaign's platform has already unravelled and some people wish they hadn't voted to Leave. Parliament now needs to decide whether we should go forward with Brexit, and there should be a vote in Parliament next week. Let us not destroy our economy on the basis of lies and the hubris of Boris Johnson."

Lammy's words follow a petition to re-run the referendum, which has gathered 1.75 million signatures since Friday.

However, the margin of victory in the referendum - more than a million votes - makes it unlikely party leaders would countenance any attempt to derail the Brexit process. On Saturday morning, Labour leader Jeremy Corbyn said there should be no second referendum. Tory leader David Cameron has also accepted the result, and triggered a leadership election.

It is true, though, that had Britain's EU membership been decided in parliament, rather than by a referendum, there would have been an overwhelming vote to Remain. Just 138 Tory MPs declared for Leave, compared with 185 for Remain. In Labour, just 10 declared for Leave, versus 218 for Remain, while no Lib Dem, Scottish Nationalist, Plaid Cymru, Sinn Fein or SDLP MPs backed Leave.

Rob Ford, an academic who has studied Ukip voters, said Lammy's call was "utter madness":