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Report: JPMorgan trading losses may reach $9B

Report: JPMorgan trading losses may reach $9B

Shares of JPMorgan Chase & Co. tumbled in premarket trading as a published report said the bank's trading losses may be as much as $9 billion _ far higher than the estimated $2 billion disclosed last month.
JPMorgan had said the loss came from trading in credit derivatives that was designed to hedge against financial risk.
The New York Times, citing sources it did not identify by name, said the losses have grown recently as JPMorgan has been unwinding its positions. It said its sources were current and former traders and bank executives.
The bank plans to give more details when it reports second-quarter earnings July 13.
JPMorgan's stock dropped $1.79, or 4.9 percent, to $34.99 in premarket trading.
A company representative could not be reached for comment.


Updated : 2021-06-20 23:52 GMT+08:00