Photo: Telegraph Video
In two weeks, JP Morgan will announce that its final losses from Bruno Iksil’s, (the London Whale) devastating trade will come to a final total of $5 billion, the FT reports.We imagine this probably makes them feel like someone who has just reached the finish line of a marathon in 90 degree heat.
See, ever since JP Morgan announced that it had lost $2 billion in its London Chief Investment Office, everyone on The Street has been waiting to see how much they would, ultimately, lose.
It wasn’t ever going to be just $2 billion because once traders got wind of JP Morgan’s losses, they were bound to try to take advantage and get on the other side of their mistake.
But now, it seems, JP Morgan is getting a handle on everything. There have been reports about hedge funds helping them unwind their trade, and it it looks like the most notable man on the other side of their trade, Boaz Weinstein, has exited his position.
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