US president Barack Obama is determined to find out what caused one of the US best banks JPMorgan Chase loss of over two billion dollars in half a month. During a taped interview for ABC's The View, the president said that the huge loss highlighted the need for a Wall Street reform. According to an ABC blog post, even such a large-scale organization as JPMorgan Chase can collapse despite being managed by the leading financiers of America. In this connection, Obama passed a reform on tighter financial services regulation. US president argued that while JPMorgan could withstand the loss, a smaller bank could have been so damaged that it would have required federal aid. President Obama's interview with ABC was broadcast on Tuesday, May 15. On May 10, JPMorgan Chase, the largest bank in the United States by assets and market capitalization, reported a loss of 2.3 bln dollars in roughly six weeks. After this announcement, JPMorgan Chase is expected to accept the resignation of several high-ranking executives.
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