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Barack Obama on JP Morgan loss

15 May 2012 Last updated at 01:41 BST

JPMorgan Chase, the biggest US bank, has revealed a surprise trading loss of at least $2bn (£1.2bn) on complex investments made by its traders.

In an interview with the ABC talk show The View, US President Barack Obama made his case for why JP Morgan's loss meant financial reform must move forward.

"This is one of the best managed banks," Mr Obama said. "You could have a bank that isn't as strong, isn't as profitable, making those same bets and we might have had to step in."