JP Morgan Makes $5.8 Billion in Bad Trades This Year
The nation's largest bank revised it estimate on its losses on bad trades this year. Those numbers are quite a bit higher than the original estimate two months ago.
JP Morgan reported that it had suffered losses of $5.8 billion so far this year. The Wall Street investment bank had previously estimated its losses at their London trading office at about $2 billion earlier this year.
But, their new earnings statement released today shows a loss of $4.4 billion from April-to-June and another $1.4 billion before that and the first part of this month.
Saying that the worse is behind them, the chairman of JP Morgan, Jamie Dimon said that they have significantly reduced the risks in its traing operations.
This has dropped the value of the corporation by about 15% since the loss was disclosed. The nation's largest bank reported a second quarter profit of $5 billion however.