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CEO says there may still be more losses from bad trade
Posted: Jul 13, 2012 3:27 PM by Associated Press
NEW YORK (AP) - There may still be more losses to come, from the bad trade that has cost JPMorgan Chase $5.8 billion this year.
That's already nearly three times the amount that was initially estimated to have been lost.
The CEO of JPMorgan, the nation's largest bank, says he thinks the loss has been mostly contained. But Jamie Dimon (DY'-muhn) says in the worst case, if the financial markets deteriorate severely, the bank could lose an additional $1.7 billion.
The bank says it's dismissed the managers involved. It says there are indications that the traders may have been trying to conceal losses.
Investors appear relived that JPMorgan has put most of the mess behind it. They've made the bank's stock the best performer today in the Dow Jones industrial average.
Investors were also encouraged to hear that the bank might resume its plan to buy back its own stock.
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