SECURITIES

Morgan Loses $50 Million in Trading: The head of J. P. Morgan & Co.’s mortgage-backed securities trading unit has resigned after the operation lost $50 million in trading this year, the bank said. Mohamad Sotoudeh resigned last week as a result of the loss, which Morgan says will be offset by trading gains from other areas and will not affect its first-quarter earnings. The securities are backed by the revenue and interest payments from groups of home mortgage loans. The bonds lost value after the drop in interest rates last year and the increase in refinanced mortgages.