JPMorgan Chase’s equities business took a big hit from Steinhoff International Holdings last quarter. The bank recognised a $143m mark-to-market loss on a margin loan to a single customer in its stock-trading unit, the New York-based firm said in a statement on Friday. Chief financial officer Marianne Lake confirmed on a conference call with reporters that the write-down was tied to Steinhoff, which is engulfed in an accounting scandal. Steinhoff announced on December 5 that it had uncovered accounting irregularities. The disclosure prompted a plunge in the share price of the Frankfurt- and JSE-listed company, along with the resignation of CEO Markus Jooste and chairman Christo Wiese. Steinhoff said last week that it’s seeking "significant near-term liquidity" for some of its business units. Other banks will probably also have large losses tied to Steinhoff, though rivals may report the declining value of loans through higher credit provisions rather than a markdown like JPMorgan di...
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