In its fourth quarter earnings report, J.P. Morgan announced that it had lost $143 million on a single client.
The firm said, “Equity markets revenue was flat compared to a strong prior year and included the impact of a mark-to-market loss of $143 million on a margin loan to a single client.”
Had it not been for the client loss, the company’s equity markets revenue would have increased as much as 12%.
The firm did not disclose the name of the client but did say it was, “a syndicated margin loan facility to related parties” of Steinhoff International.
According to the Financial Times, the client was Christo Wiese, chairman of Steinhoff.
Disclaimer: We have no position in JPMorgan Chase & Co. (NYSE: JPM) and have not been compensated for this article.