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.
READ MORE: http://dealbook.nytimes.com/2012/06/28/jpmorgan-trading-loss-may-reach-9-billion/?partner=MYWAY&ei=5065
No comments:
Post a Comment