By Daniel Hunter

JPMorgan Chase, the biggest US bank, have announced a shock trading loss in excess of £2 billion (£1.2 billion).

The loss on complex investments made by its traders was, according to chief executive Jamie Dimon, due to "errors, sloppiness and bad judgement".

Worryingly for JPMorgan the losses could get even worse, to the tune of a further $1 billion, according to Dimon.

JPMorgan shares dropped 7% in after-hours trading, and other bank shares also fell.

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