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JPMorgan Chase Admits Trading Loss Double Previous Estimate

July 13, 2012
Trading loss

US bank JPMorgan Chase said on Friday it lost 4.4 billion dollars in the second quarter as a result of bad trading, double the amount it had previously admitted to.

"We shot ourselves in the foot" said Chief Executive Officer Jamie Dimon in New York, adding that it was "an isolated incident."

In May the firm had said it had lost 2 billion dollars in trading.

Despite announcing the individual trading loss, overall profits for the quarter were 4.96 billion dollars, 9 per cent down year-on-year.

Shares rose some 2 per cent on pre-market trading.



Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH


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