A group of hedge funds, including those run by Odey Asset Management, had a combined $1bn invested in JP Morgan Chase which suffered a near 10% drop in its share price on Friday.
According to the Telegraph, the badly-hit group also included Sir Paul Ruddock's Lansdowne Partners and Pierre Lagrange's GLG. Shares in JP Morgan Chase fell by 9.4% on Friday as investors reacted to news the bank's chief investment office had suffered $2bn of losses as a result of risky derivative trades and hedges. In total, $14.4bn was wiped off the bank's value. Prior to the loss announcement, JP Morgan traded at a premium to peers and also its book value. Following the announcement, its credit rating has now been cut one notch by Fitch, while S&P lowered the bank's outlook to 'ne...
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