It’s a genuine miracle! Gosh, we’ve been so worried, we haven’t had a good night’s sleep in
months. JPMorgan Chase & Co., the
lender that plunged as much as 24 percent in the month after disclosing a
multibillion-dollar trading loss, has erased that decline.
The bank’s stock climbed 3.7 percent to $41.40 yesterday in
New York, eclipsing the $40.74 closing price of May 10, when Chief Executive
Officer Jamie Dimon announced what was then a trading loss of about $2 billion
at the chief investment office in London. The loss this year now stands at $5.8
billion.
JPMorgan slid as much as 10 percent the day after Dimon, 56,
disclosed the loss, the most in more than three years, and closed as low as $31
on June 4. The lender lost $5.8 billion on the trades during the first six
months of this year and has said it could lose as much as $7.5 billion total
while closing out the position…
Get all the grim details at http://www.bloomberg.com/news/2012-09-13/jpmorgan-erases-stock-drop-fueled-by-london-trading-loss.html
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