BofA Identified as Biggest 'Shark' in JPMorgan Trading Loss Which Could Reach $7B

The Wall Street Journal flushed out more of the 'London Whale's' trading partners. According to reports, the largest beneficiary of JPMorgan's (NYSE: JPM) botched credit market trades was none other than Bank of America (NYSE: BAC). It is estimated that BofA could earn $500M to $1B on trades with JPMorgan.

Goldman Sachs (NYSE: GS), Ellington Management, Saba Capital Management, CQS (U.K.) LLP., BlueMountain Capital Management, and BlueCrest Capital Management are a few other counterparties.

The latest rumors say JPM trading losses could reach $7B, but these reports are unconfirmed.

Jamie Dimon, CEO of JPMorgan, will be speaking in front of the Senate Banking Committee today, and observers are expecting him to reveal more details about the bank's game plan and details about how it got itself into this situation.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Arcline Completes Acquisition of Kaman (KAMN)
• JPMorgan (JPM) beats in Q1 but shares slide on NII guidance