JPMorgan sparks question: How much is $2 bln?
Details are still emerging about how JPMorgan Chase & Co lost at least USD 2 billion from a failed hedging strategy. Perhaps that doesn't sound like much for a global financial services company with USD 2.2 trillion in assets, but it's still plenty.
Details are still emerging about how JPMorgan Chase & Co lost at least USD 2 billion from a failed hedging strategy. Perhaps that doesn't sound like much for a global financial services company with USD 2.2 trillion in assets, but it's still plenty.
So how much is USD 2 billion?The cost of Los Angeles Dodgers baseball team:A group of investors led by legendary basketball star Magic Johnson and Guggenheim Partners paid about USD 2 billion this year for the Los Angeles Dodgers.A lot of cookies:Kraft Foods reported in May that annual sales of its popular Oreo cookies surpassed USD 2 billion in 2011.Nearly the annual GDP for some countries:The 2011 gross domestic product of the Central African Republic was USD 2.2 billion, according to the International Monetary Fund. Eritrea's was USD 2.6 billion.More than some JPMorgan businesses earned in the first quarter:JPMorgan's investment bank earned USD 1.68 billion the first quarter of 2012, while its retail bank generated USD 1.8 billion. The company earned USD 2 billion on mortgage fees and related income.A lot less than JPMorgan's compensation costs:JPMorgan spent USD 8.6 billion in the first quarter of 2012 on salaries, benefits and other compensation. It paid another almost USD 2 billion to outside consultants, lawyers and other professionals. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
