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JPMorgan CEO Jamie Dimon disclosed significant losses during a conference call.
May 11th, 2012
09:46 AM ET
JPMorgan suffers big loss: CEO Jamie Dimon cites 'errors' and 'bad judgment'
JPMorgan Chase, in a surprise announcement, said Thursday that it has suffered trading losses of $2 billion since the start of April.
The group that suffered the losses is part of the bank's so-called corporate unit, and had been making trades designed to hedge against risk.
Net losses, after factoring in other securities gains, are expected to exceed $800 million by the end of the second quarter. And losses could increase depending on market conditions and the bank's actions moving forward, CEO Jamie Dimon said.
The unit had been expected to post a net gain of $200 million.
Tune in to Erin Burnett OutFront at 7p ET for the latest on J.P. Morgan's massive loss.
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At least Mr. Dimon came out truthfully, better than most CEOs. Once again, a thousand times over, we see the need for regulation, banning outright these stupid financial tricks and a cap on CEO pay. There is doom around every corner.
oh , i tweeted wrong, i thought it was 3 billion $ loss but it was only 2 billion $
shame on me, lol
Did I ever mention erin how I love investing? I was right 19/20 trades made 75 dollars and watch idiots like this fight me for dollars a day. It gets to the point where any stock a retail investor in becomes a target to a group of losers that all put up millions and billions to try and find real thousands. Did I also mention I am out of work, tried investing in companies and applying for work at the same time and thats failed twice as well? Well Now the markets are making me look really stupid erin. Im in at a enormous loss and its getting worst and their waiting for me to pull the plug. I have no income cant invest in a company to get work cant create my own job because the population resists all business here and at the age now I am sick to death of moving to find jobs.
Why are these guys such losers that they need a unemployed persons money more and cant even create a job for someone that has taken such steep losses in the past?