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There’s buzz that JPMorgan’s initial $2 billion trading loss in the bank’s chief investment office in London related to derivatives trades could spiral up to $7 billion, The Independent reports. We’d say there’s a good chance that these are just numbers plucked out of thin air to put more pressure on JPMorgan.
From the report:
Rival traders reckon that the losses could be as high $7bn. “The markets know pretty much what JP Morgan has and in what sizes,” said one trader.
Earlier this month, JPMorgan’s CEO Jamie Dimon revealed the massive trading blunder during a surprise conference call following the bank’s 10-Q regulatory filing calling it an “egregious” mistake.