JP Morgan Chase shot itself in the foot with a $2bn trading loss. But bank chief James Dimon's misery will be felt across Wall Street.

Chief among firms that could suffer collateral damage: Morgan Stanley and Goldman Sachs. JP Morgan's stumble, along with questions of whether it resulted from the kind of proprietary bets Congress hoped to ban, may blow holes in Wall Street arguments that firms have become less risky since the financial crisis and don't need to be reined in further.