Out of nowhere, JPM announced that it would hold an unscheduled 5pm call to coincide with the release of its 10-Q. Rumors were swirling as to why.
The subsidiary gone belly up was according to Zero hedge the world's largest "prop" trading desk.
The loss currently $2 billion dollars (First inventory)
There are three articles from Zero Hedge
http://www.zerohedge.com/news/worlds-largest-prop-trading-desk-just-went-bust
http://www.bloomberg.com/news/2012-05-1/jpmorgan-chase-says-cio-unit-suffered-significant-loss.html
UPDATE: JP Morgan tempest won't blow over
JP Morgan’s sudden conference call to disclose, and to try to explain, the $2 billion trading loss that it racked up in only six weeks was one of the most absorbing bits of live financial theatre since the 2008 crash.
