$6 Billion Loss Estimated as London Whale Story Enters Final Chapter
Tweet Send to a Friend
Get Alerts JPM Hot Sheet
Up)
Trade JPM Now!
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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- J.P. Morgan (JPM) CEO Dimon Might Have Enough Votes to Stay Chairman - NY Times
- Pandora (P) Gets Even More Social with New Facebook (FB) Timeline App
- Market Wrap: Sprint Ponies Up for Clearwire; Herbalife Engages Auditor; 'One' for Microsoft
Create E-mail Alert Related Categories
Corporate News, Insiders' BlogRelated Entities
JPMorgan, Jamie Dimon, Hedge Funds
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
