F.B.I. Begins Preliminary Inquiry Into JPMorgan The Federal Bureau of Investigation is examining potential wrongdoing surrounding JPMorgan Chase's $2 billion trading loss, people briefed on the matter said Tuesday. The investigation, which is at an early stage, will focus on several possible lines of inquiry, the people briefed on the matter said. Among other things, investigators will examine JPMorgan's accounting practices and public disclosures about the trades that prompted the loss. These people cautioned that the inquiry was preliminary and that it was routine for the Justice Department to open a case after a big bank disclosed a huge blunder. The case is being led out of the F.B.I."s New York office. No one at JPMorgan has been accused of wrongdoing. A JPMorgan spokeswoman did not immediately respond to a request for comment. News of an F.B.I. investigation comes at an awkward time for JPMorgan. On Tuesday, the bank's top executives gathered in Tampa, Fla., for the annual shareholder meeting, where the trading loss took center stage. The revelation also follows a similar acknowledgement last week that civil regulators at the Securities and Exchange Commission had opened an inquiry into JPMorgan's disclosures and accounting practices. Another potential avenue for the S.E.C. to explore is whether the bank's risk controls broke down. The commission has a lower bar to bring a case than federal prosecutors. Both inquires are likely to examine JPMorgan's regulatory filings that mention the internal unit that placed the trades, as well as recent statements from the firm's top executives. As media reports surfaced about the chief investment office in early April, Jamie Dimon, the bank's chief executive, publicly played down the concerns, calling them a "complete tempest in a teapot." After Mr. Dimon and other senior executive learned more, he sounded a more contrite tone. On Thursday, when disclosing the loss in a conference call with analysts, Mr. Dimon acknowledged that the bank had made "egregious mistakes. Investigators are also examining an accounting measure known as value-at-risk. JPMorgan disclosed earlier this year that it changed the calculation for the metric, which may have masked some of the risks surrounding this trade. The Financial Times reported earlier that the F.B.I. had opened an inquiry into JPMorgan.