The reporter got it right - he calls them "bets" in his article.
They are gambling when they should be a bank - plain and simple. NO hedging, no derivatives, no "new products" that no one can understand without a degree in Math - just banking with interest charges and fees. The team at Chase is not nearly as bright as the best people that "play" this zero sum game.
They still dont have the humility to admit that they have been beaten by traders that had and still have more talent and skill.