JPMorgan to spin out 'special investments'
JPMorgan Chase is spinning out the ``special investments group'' from its troubled chief investment office as executives clean up the division that caused $2bn trading losses, say people familiar with the matter.
JPMorgan is shifting ``certain investment-grade'' credit default swaps and some commodities swaps to a separate subsidiary to comply with recent legislation requiring banks to separate from such activity, according to CEO Jamie Dimon.