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Loss From Risky JP Morgan Trade Could Reach $9 Billion

By Tara Culp-Ressler  

"Loss From Risky JP Morgan Trade Could Reach $9 Billion"

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The risky trading at mega-bank JP Morgan Chase that came to light last month — first reported as causing a $2 billion loss — could end up costing the bank up to $9 billion, according to internal reports. JP Morgan CEO Jamie Dimon was called to testify before Congress this month about the bank’s risky behavior, where, instead of pushing for stricter regulations, Senate Republicans asked him for marching orders. JP Morgan plans to disclose part of its total trading losses in mid-July, when it will report its second-quarter earnings.

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