JPMorgan Chase's loss grows
JPMorgan Chase say the loss from a highly publicized trading blunder a couple months ago is more than double the original $2 billion estimate.
The bank now says the loss is about $4.4 billion.
On a conference call this morning, CEO Jamie Dimon is telling Wall Street analysts: "We don't take it lightly." Dimon says the bank has closed the division of the bank responsible for the bad trade and moved the remainder of the trading position under its investment banking division.
Overall, JPMorgan says it earned $5 billion, or $1.21 per share, for the second quarter, which covers April through June and includes the bank's disclosure of the trading loss on May 10.
The bank also says it is reducing its net income for the first quarter by $459 million after discovering information that "raises questions about the integrity" of values placed on certain trades.
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