Wasn't financial regulation supposed to have turned over a new leaf? With phrases like "proactive", "intrusive" and "harsh" taking over from "light touch" and "risk based". That is certainly what the Financial Services Authority would have us believe. Talking tough has been the name of the game in recent months. The FSA's outgoing boss, Hector Sants, even suggested that banks should feel "frightened" of the watchdog.

The crisis at JP Morgan escalated yesterday as it emerged its trading losses in London could rise to as much as $7bn (£4.5bn) and the US bank cancelled a share buyback.

US bank has cancelled its plan for a share buyback in the wake of the growing crisis

The football match of your lifetime starts in 20 minutes but you don't have a ticket. You will pay whatever the touts on the corner are demanding.

Jamie Dimon's worst fears for the scale of losses on the "London Whale" derivatives disaster could be coming true in double-quick time.

Hedge funders were not the only market whiz-kids betting against JPMorgan's disastrous London Whale trading positions. Another part of his own bank was too.

The FBI has opened a criminal investigation into the losses racked up at JPMorgan Chase, increasing the pressure on the bank, which already has Wall Street regulators looking at last week's massive trading losses.

It's been a while since City traders have had an excuse to crack open the tequila. But yesterday that all changed. Well, almost. Not because there's a reason to be cheerful about the markets – far from it, it was a particularly nervy day after Monday's falls, with a sudden sell-off after lunch requiring some fancy footwork by the Square Mile's practitioners. No, it was about Diageo, which was said to be close to knocking back a stake in Jose Cuervo, a $3bn (£1.9bn) business which, as any hellraiser will tell you, is the world's biggest tequila brand.

The CEO of JPMorgan Chase survived a shareholder push today to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank.

Wasn't sorry supposed to be the hardest word? Not in Jamie Dimon's world. Since it emerged that his bank, JPMorgan, has lost $2bn (so far) through placing bad bets in the financial casino, the chief executive has demonstrated considerable creativity in finding ways to express regret (sorry, we got it wrong, we were stupid, we've got egg on our faces, etc etc). But contrition? That's rather more difficult to discern. After all, this was a man who only last week was railing against US Democrats (he claims to be one, but barely) for supposedly creating a climate of resentment towards successful people. A man who had called criticism of too-big-to-fail banks "infantile".

Jamie Dimon faces shareholders today after the revelation of $2.3bn trading losses

The boss at the centre of the City's latest trading scandal admitted yesterday he was "dead wrong" to dismiss concerns about the bank a month earlier.