Date: Thursday 28 Jun 2012
Although JP Morgan Chief Executive Jamie Dimon warned last May that a bungled trade had resulted in a two billion-dollar loss that could eventually double, it now appears that the final figure could reach as high as nine billion dollars (5.8bn pounds), according to sources cited today in a New York Times article.
According to the paper, the red ink has been mounting in recent weeks as the bank unwinds positions, although the exit is happening faster than expected.
The sources say that it has already unloaded more than half the trade so could be free and clear by the end of this year. JP Morgan had originally estimated that the position would not be undone until early next year.
JP Morgan was trading down 4.87% at $34.99 in pre-market trade on Thursday.
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