Facebook will reportedly increase the size of its initial public offering by 25pc to raise about $15bn.

US president says the crisis at JP Morgan clearly shows ‘why Wall Street reform is so important.’

Three top executives involved with a failed hedging strategy that cost JPMorgan Chase & Co at least $2 billion and tarnished its reputation are expected to leave the bank.

JPMorgan revealed on Thursday that it had lost about $2 billion from risky bets on opaque derivatives at a London trading desk.

JPMorgan Chase chief executive Jamie Dimon has shocked Wall Street by disclosing the bank racked up $2bn (£1.2bn) of trading losses in the past six weeks and warned they could get worse.

A new eurozone crisis loomed Tuesday with Greece teetering on political chaos, France colliding with Germany on austerity and Spain readying new bank bailouts.