On May 10th, the U.S.'s largest bank JPMorgan Chase announced one of its
London trading desks had lost $2 billion on bad bets on credit derivatives.
UBS
Kweku Adoboli, a trader for Swiss bank UBS, lost $2 billion on unauthorized trades in September 2011.
MF Global
Brokerage firm MF Global filed for Chapter 11 bankruptcy in October 2011 after
a failed $6 billion bet on European debt
Societe General
Hailed as "history's biggest rogue trading scandal" at the time,
French trader Jerome Kerviel was convicted in October 2010 of losing French bank Societe General around $6 billion due
to unauthorized trades.
Bear Stearns
After a run on investment bank Bear Sterns nearly caused its collapse in
2007, JPMorgan bought the firm for $2 a share the following March, Businessweek reports
AIG
Insurance company AIG became the recipient of the largest ever government bailout for a single corporation
when a $182 billion rescue package saved it from a liquidity crisis following a
downgrade of its credit rating in 2008.
Washington Mutual
One of the biggest players in retail banking and mortgages during the
housing crisis, Washington Mutual filed for Chapter 11 in September 2008, after
sustaining losses on billions of dollars worth of mortgage and home loans, CNBC reports.
Citigroup
Citigroup came to the brink of collapse after it reported losses around $10
billion in 2007, in part due to failed mortgage investments, CNNMoney reported. To keep the bank afloat the government
issued a $20 billion bailout in November of that year.
Merrill Lynch
After projecting a $4.5 billion loss during the third quarter of 2007,
Merrill Lynch shocked investors by reporting a $7.9 billion deficit from
trading mortgage-backed securities and other structured products, according to CNNMoney.
Barings Bank
One time star trader Nick Leeson was responsible for sinking British bank
Barings after losing $1 billion when an an earthquake struck Kobe, Japan in
1995, causing his investments in the Nikkei to fail as the Japanese stock
exchange crashed, TIME reported.
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