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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 28 June 2012 [View all]Demeter
(85,373 posts)21. J.P. Morgan Chase’s soured trade ultimately may cost much more
http://www.marketwatch.com/story/london-whale-loss-reportedly-may-hit-9-billion-2012-06-28?siteid=YAHOOB
Shares of J.P. Morgan Chase & Co. fell in premarket trading Thursday, retreating in the wake of a report suggesting that the credit-derivatives trading loss suffered by the blue-chip bank could ultimately approach $9 billion.
The loss, arising from trading undertaken by the company’s investment office in London, would be more than four times the $2 billion figure that Chief Executive Jamie Dimon revealed in early May...The New York Times, citing sources described as having been briefed on the situation, reported Thursday that J.P. Morgan Chase has already exited more than half of the soured position, having previously stated that it aimed to clear the position by early 2013.
Shares of J.P. Morgan Chase & Co. fell in premarket trading Thursday, retreating in the wake of a report suggesting that the credit-derivatives trading loss suffered by the blue-chip bank could ultimately approach $9 billion.
The loss, arising from trading undertaken by the company’s investment office in London, would be more than four times the $2 billion figure that Chief Executive Jamie Dimon revealed in early May...The New York Times, citing sources described as having been briefed on the situation, reported Thursday that J.P. Morgan Chase has already exited more than half of the soured position, having previously stated that it aimed to clear the position by early 2013.
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