JPMorgan (JPM) Erases Drop from Massive London Whale Loss
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JPMorgan (NYSE: JPM) is moving to the upside Thursday, not unusual given the FOMC's moves to add $40 billion of MBS purchases and continue Operation Twist until its satisfied that the jobs market is back on its feet.
Rather, the news is that JPMorgan has erased losses suffered following the early May disclosure of substantial losses in its CIO unit (more here). JPMorgan closed at $40.40 on May 10th, dropping 9.3 percent the following session and falling as much as 24 percent to $30.83 in June.
The "London Whale" name was for Bruno Iksil, who ran the credit-derivatives unit that generated the loss. The moniker came from the massive size of the bets he took.
JPMorgan isn't out of the CIO mess yet; a Senate panel was recently reported to be investigating further into the loss.
Shares of JPMorgan are up 2.2 percent on the session.
Rather, the news is that JPMorgan has erased losses suffered following the early May disclosure of substantial losses in its CIO unit (more here). JPMorgan closed at $40.40 on May 10th, dropping 9.3 percent the following session and falling as much as 24 percent to $30.83 in June.
The "London Whale" name was for Bruno Iksil, who ran the credit-derivatives unit that generated the loss. The moniker came from the massive size of the bets he took.
JPMorgan isn't out of the CIO mess yet; a Senate panel was recently reported to be investigating further into the loss.
Shares of JPMorgan are up 2.2 percent on the session.
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