US bank JP Morgan Chase has been accused of hiding its huge trading losses by a US Senate panel.
The bank lost $6.2bn (£4.1bn) in trades last year by an employee nicknamed the London Whale. The Senate Permanent Subcommittee on Investigations found that the bank misled investors and ignored risks. In response, the bank said: "While we have repeatedly acknowledged mistakes, our senior management acted in good faith." JP Morgan added that the management "never had any intent to mislead anyone".
Bruno Iksil, the trader at the heart of the incident, was dubbed the London Whale because the