JPMorgan Chase & Co’s equities business took a big hit from Steinhoff International Holdings last quarter. The bank recognised a $143 million mark-to-market loss on a margin loan to a single customer in its stock-trading unit, the New York-based firm said. Chief Financial Officer Marianne Lake confirmed with reporters that the writedown was tied to Steinhoff, the South African retailer engulfed in an accounting scandal. Steinhoff announced on December 5 that it had uncovered accounting irregularities.
Source: Business Standard