The New York Times reported that JPMorgan’s trading losses from credit derivatives may total as much as $9 billion, far exceeding the firm’s initial estimate. Initially, CEO Jamie Dimon disclosed that the bank lost more than $2 billion. The losses have increased as the bank has unwound the trades. (“Would you believe $9B? JPMorgan trading loss said to be growing exponentially,” InvestmentNews).
“We are now in the realms of speculation in terms of the sheer scale,” Christopher Wheeler, a London-based analyst at Mediobanca SpA, was quoted as saying.
JPMorgan said it plans to disclose part of the loss in its quarterly filings on July 13.