Credit Suisse CEO Tidjane Thiam said he has total confidence in finance chief David Mathers and global markets head Tim O'Hara after large illiquid trading positions pushed the bank to accelerate its cost-cutting plan.
In the meantime, Bloomberg News reports that JPMorgan was ordered to pay $225,000 by the Commodity Futures Trading Commission to settle allegations that it failed to submit accurate large trader reports for commodity swaps.
The company routinely filed reports that contained errors from March 2013 through April 2014, the CFTC said Wednesday in a statement. The CFTC tracks the physical positions of derivatives users to prevent or detect attempts to corner a market. JPMorgan consented to the order without admitting or denying the regulator’s findings.