JPMorgan Chase CEO Jamie Dimon spoke this morning about the company's solid quarterly earnings, but all the attention is on the massive $4.4 billion trading loss -- twice what they first thought -- and how the company will sort out the implications.
JPMorgan Chase has just released its quarterly earnings report, and the big number to report is: $4.4 billion. That's the new estimate for the size of JPMorgan's loss from risky trading bets.
Although originally estimated at about $2 billion, the total losses from JPMorgan's botched trade in derivatives could -- in a worst case scenario -- reach upwards of $9 billion, according to the New York Times.
JPMorgan CEO Jamie Dimon apologized for not doing a better job supervising trades that lost his bank billions. Dimon emphasized that while bank shareholders lost money, their clients and taxpayers did not.
Sixteen senators from the Senate Banking Committee have taken campaign contributions from JPMorgan's political action committee. We called them for comment.
The CEO of JPMorgan has been summoned to Capitol Hill today. According to his prepared remarks, Dimon will apologize, saying he feels "terrible" about the $2 billion blunder.
JPMorgan CEO Jamie Dimon spoke before the Senate Banking Committee today, trying to explain the $2 billion loss his company made in trading. The committee went fairly easy on the banker.