JP Morgan took a huge fourth quarter loss, despite a strong overall quarter, due to a single client.
According to CFO Marianne Lake, it marks the largest loss for the bank since the economy tanked over a decade ago.
The loss is connected to South African retailer Steinhoff International, which is in the midst of an accounting scandal.
For JP Morgan, the equities team took a $143 million loss related to Steinhoff, while the corporate and investment bank marked a $130 million loss.
