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JP Morgan hands investment bank CIO legacy mandate

Jamie Dimon says the Wall Street giant's investment bank has 'the expertise, capacity, trading platforms and market franchise' to unwind the London Whale trades

JP Morgan’s investment bank is set to take on the remaining legacy positions of the “London Whale” trade that caused $4.4bn in trading losses at its Chief Investment Office.

The investment bank has been given control of $30bn of risk weighted assets from the problematic synthetic credit portfolio previously held by the CIO, the bank said in a second-quarter results statement today.

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