JPMorgan trading loss may reach $9bn

NYT: Losses on J P Morgan 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 Demon, 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.

Edited By Cen Fox Post Team

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Posted in: 29th June 2012