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Business, Headlines

‘London Whale’ loss balloons to $US5.8 billion

“This has shaken our company to the core,” CEO Jamie Dimon said. The bank said managers tied to the bad trade had been dismissed without severance pay and that it planned to revoke two years’ worth of pay from each of those executives. JPMorgan said it had lost $US4.4 billion because of the trade from April through June, and its chief financial officer said the bank had […]

July 13

Business, India Takes

DIB consolidates its role in real estate

K. Raveendran, Special to Gulf News When Dubai Islamic Bank announced the launch of its first property development in Dubai Marina in January last year, there was only a hint that the world’s first Islamic bank might be looking at the emirate’s booming real estate sector somewhat more seriously than the rest of the banks. But in less than a couple of years, DIB has emerged as […]

September 17