UPDATE: JPMorgan (JPM) Drops as CIO Losses Accumulate at Rapid Pace

(Updated - June 28, 2012 7:06 AM EDT)

JPMorgan (NYSE: JPM) is still reeling following reports of a loss in its CIO unit, as disclosed by CEO Jamie Dimon on May 10th. At the time, Dimon pegged the losses at around $2 billion.

But, things might have gotten a bit worse.

(UPDATE: Changed wording to state potential of losses) - According to the New York Times today, JPMorgan's CIO could reach $9 billion in a worst case scenario, though some expect losses won't exceed $6 billion to $7 billion. Losses have accrued as JPMorgan has been seeking to exit the complex derivative trades over the last few weeks, though the Times notes how JPMorgan really only hopes to clear up the position by early next year.

JPMorgan said it would update on the loss during its second-quarter 2012 report on July 13th (yes, a Friday). Nothing on the speculated number today has been affirmed by the bank.

The Times cites people familiar with the situation on the losses.

Dimon originally said losses would double over the next few quarters, making today's news slightly shocking to investors.

Shares of JPMorgan are down over 5 percent in early trading Thursday.

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