According to the NY Times’ Dealbook 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….
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