Daily News: June 28, 2012

NYT: JPMorgan Trading Loss Could Reach $9 Billion

The New York Times reported, citing people who have been briefed on the situation, that losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates.

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 Times said the loss has been mounting in recent weeks as the bank has been unwinding its positions.

The Times noted that JPMorgan plans to disclose part of the total losses on the soured bet on July 13, when it reports second-quarter earnings. Despite the loss, the bank has said it will be solidly profitable for the quarter – no small achievement given that nervous markets and weak economies have sapped Wall Street’s main businesses.

To read the NY Times story, click here.

Previously on abfjournal.com:

Dimon Defends JPMorgan Disclosures Scrutinized by SEC, Wednesday, June 20, 2012