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Bloomberg: JPMorgan Chase’s Trading Losses May Total $9 Billion

June 28, 2012, 07:45 AM
Filed Under: Banking News

Bloomberg reported that JPMorgan Chase’s trading losses from credit derivatives trading may total as much as $9 billion according to a report issued by the New York Times.
On May 10, JPMorgan Chief Executive Officer Jamie Dimon reported the bank lost more than $2 billion in the credit markets resulting from bets taken by its chief investment office in London and that the loss could increase by as much as $1 billion this quarter.
According to the New York Times, the firm’s losses have increased in recent weeks as JPMorgan sought to exit its holdings. The New York Times reports cites unidentified former traders and executives at the bank. Patrick Burton, a spokesman for JPMorgan in London declined to comment on the New York Times story, according to the report.

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