JPMorgan Chase profits fall 9 percent [View all]
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Source: Business Week
JPMorgan Chase says losses from a massive trading blunder in the bank's London have reached $5.8 billion and could go as high as $7 billion.
The bank Friday said it will be forced to restate its first-quarter results after it was discovered traders may have been trying to hide the losses from botched trades, The New York Times reported.
The bank said it lost $4.4 billion within the London office in the second quarter, up from the $2 billion loss it initially reported in May.
"The firm has recently discovered information that raises questions about the integrity of the trader marks and suggests that certain individuals may have been seeking to avoid showing the full amount of the losses in the portfolio during the first quarter," JPMorgan Chase said in a filing with the Securities and Exchange Commission.
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Couldn't happen to a nicer bunch !
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