When a firm like J.P. Morgan survived the financial crisis without huge losses like others, the impetus to improve risk management wasn't as strong. That led to many levels of hubris, which led to this.
— A Chief Risk Officer at an asset management firm on JPMorgan's $2 billion hedge
Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio