JPMorgan Reports Losses Totaling $4.4 Billion In The Second Quarter
Source: Maureen Farrell / CNN Money
NEW YORK – JPMorgan’s finance chief said Friday that the loss from the bank’s chief investment office’s errant trades has totaled $5.8 billion so far this year.
Traders involved in the loss could lose as much as two years of income and no longer work at the bank, according to JPMorgan. All of the managers involved with the trades have been “separated” from the bank, without any severance.
JPMorgan said losses totaled $4.4 billion in the second quarter.
When the losses were first revealed on May 10, CEO Jamie Dimon pegged them at around $2 billion but said they could move higher.
To read this article in its entirety visit CNN Money.
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