JPMorgan Trading Loss May Reach $9 Billion

JPMorgan Trading Loss May Reach $9 Billion

Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.

When Jamie Dimon, the bank’s chief executive, announced in May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters. But the red ink has been mounting in recent weeks, as the bank has been unwinding its positions, according to interviews with current and former traders and executives at the bank who asked not to be named because of investigations into the bank.

The bank’s exit from its money-losing trade is happening faster than many expected. JPMorgan previously said it hoped to clear its position by early next year; now it is already out of more than half of the trade and may be completely free this year.

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Comments
3 Responses to “JPMorgan Trading Loss May Reach $9 Billion”
  1. dRp says:

    He opened his mouth and with a smile out came lies. What’s new?

  2. BobSublime says:

    The problems are that since the repeal of Glass-Steagall, the investment banks have absorbed the commercial banks, are gambling with depositors’ money and are being backstopped by the American taxpayer, through the FDIC. What a perfect situation for the bankers. With the workings of Socialism-for-the-rich and Capitalism-for-the-rest-of-us, they cannot lose and we cannot win. We need to immediately reinstate Glass-Steagall, dismantle the big banks to stop TBTF, require registration and transparency of all derivatives, publish the MERS and all securitization databases and jail the perps who crashed the economy, starting with Greenspan, Summers, Rubin, Sen. Phil Gramm, and all of the founders of MERS. The problem is that all of Congress (and our President) are on the take from the banks. This is reason to get into the streets! If we continue to take it, we will continue to get it.

    • Bobbi Swann says:

      Could not have said it better. Obama is not going to allow Glass-Stegal to come back and I don’t know what Romney has on his plate in this regard. Getting Obama out is definitely needed but are we trading one bad apple for another? Just look who the campaign contributors for Romney are…..the banks! Does anyone realize just why they are gearing up those prisons that were turned over to private management? Well, guess what folks…just try to go too far on the streets and it will wind you up in one of those prisons. No kidding….it’s communism at the cusp!!!

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