J.P. Morgan ‘London Whale’ loss may hit $9B:report
MADRID (MarketWatch) — The credit-derivative trading loss that J.P. Morgan Chase (NYSE:JPM) initially estimated at $2 billion may have ballooned to as much as $9 billion, according to a New York Times report. The report, citing sources described as having been briefed on the situation, said that J.P. Morgan has already exited more than half of the soured position, having previously stated that it aimed to clear the position by early 2013. The trade was executed by the bank’s chief investment office in London — whose top executive, Ina Drew, was brought down by the incident — and first came to light May 10. CEO Jamie Dimon was called to testify before the U.S. Congress on the matter earlier this month.  http://www.marketwatch.com/story/jp-morgan-lo...2012-06-28