$6 Billion Loss Estimated as London Whale Story Enters Final Chapter

June 21, 2012 11:59 AM EDT
Days after Jamie Dimon’s testimony before Congress, the 'London Whale' story is once again back in the headlines today. According to sources at the New York Post, JPMorgan's (NYSE: JPM) trading loss is at least $4 billion and up to $6 billion. This is in-line with what many were already expecting. Reports also say that JPMorgan has exited the majority of the trades. Investors will be looking toward JPMorgan's earning and conference calls in July for further confirmation.

The unwinding of the trades means that the 'London Whale' story is entering the final chapter. If nothing else it was an extraordinary story staring Jamie Dimon as protagonist in a tale involving a colorfully trader, an opaque investment, billions of dollars, mysterious hedge funds managers, and an investigation by the U.S. Congress.

The story might also one day be flagged as a catalyst for tough new laws governing banks in the U.S. We'll see. In the mean time, reporters here at StreetInsider.com will be digging around for more interesting stories just like this one, and believe me this will not be the last time a trader is dubbed the 'London Whale'. Next time it will be the Chicago Fish or the Brooklyn Bear, or who knows what. But believe me, they are out there and we'll do our best to find them.

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