Tagged: business

Transcript

RENEE MONTAGNE, HOST:

The largest bank in the U.S., JPMorgan Chase, this morning released its second quarter results. It's net income was $5 billion, but it turns out that loses in a failed hedging strategy involving a secretive trader were much higher than what the bank originally said the loss would be. In fact, JPMorgan lost $4.4 billion last quarter on those risky trades.

As NPR's Yuki Noguchi reports, that's not the full extent of the firm's damage.

Yahoo said today that hackers had stolen and posted a file that contained 400,000 usernames and passwords.

The New York Times reports that those credentials were used not only for Yahoo! services but to services such as Gmail, AOL, Hotmail, Comcast, MSN, SBC Global, Verizon, Bellsouth and Live.com.

The Times' Bits blog reports:

The president of a business organization in New Orleans says the group is focusing on changing the image the city presents to businesses that are thinking about relocating or expanding.

Rodrick Miller, president and CEO of the New Orleans Business Alliance, told a luncheon Wednesday that many people often associate New Orleans with Bourbon Street, jazz and its port. But Miller said they don't think about the new things coming to the city like the film industry and technology companies.