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Heads are rolling this morning in the wake of the staggering two billion dollar scandal at JPMorgan Chase.
Three of the highest ranking executives stepping down as early as today topping the list one of the most powerful women on Wall Street -- drew.
She was JPMorgan's chief investment officer.
Joining us now out of put all this in perspective and explain what it might mean to you is personal finance expert Peter Gibbons high gear -- -- -- and numbers are huge how how so much money so fast.
I know the numbers are just -- two billion in losses and potentially another billion in losses in the two billion happen in just six weeks that's a huge huge number pets.
Here's what -- -- -- there's a very complicated.
JPMorgan made big bets hoping for big gains and fortunately it didn't work out so they were too -- expense so is there a need for more regulation.
My take is no I mean there's always talk about -- breaking up the big banks need the big banks to stay competitive it is a global economy.
More regulation is not going to stop this at the thing I mean.
-- you gonna have people hanging outside the -- waiting for these issues to actually happen it happens just when it happens in a big banks like JPMorgan the largest bank out there.
That we take notice of it.
Yeah chase lots and lots of customers everybody wondering how is their own bank accounts safe giving have a trillion in customer accounts and terms of dollars but yes your bank -- -- as -- -- -- FDIC insured.
And -- you can check -- the ratings and reviews of your bank on Bankrate dot com but.
Not to worry too much this is just.
Something that happened to JPMorgan and is a big number but it is eight is.
Right jobs -- organic okay well that's a good to know a JPMorgan an investment option for some people what are we expecting to see on Wall Street now.
Once you -- a big hit on Friday down 9% and brought you know a lot of stocks down as well so all eyes will be watching particularly if more shoes drop which which they cut.
Well and then you have other analysts those saying no this is really just a -- you know this sounds like a lot of money but for JPMorgan not really they'll have one bad quarter that bounced back together and again that's the thing I think consumers get discussed it when they see this have a thing because it is a big bank they're still very profitable.
They're still doing just -- they did relatively well relative -- the big banks back in 2008 so I think when you see consumers -- -- the stories they get discussed and they get angry they get.
Mad at the big banks and they tend to look at the smaller regional banks or the credit unions so what's next -- in this whole saga.
Well hopefully we won't see another huge drop but again the number two billion dollars in just six weeks I think that number could get even larger and there could be more talk about regulation and more talk about baking breaking the big banks up.
All to be continued right here givens thanks as always thanks.
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