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J.P. Morgan Reveals ‘London Whale’-Size Losses
Wall Street Journal
May 11, 2012
J.P. Morgan Chase & Co., the nation’s largest bank, surprised the market today, saying it has taken large losses stemming from derivatives bets gone wrong in the bank’s Chief Investment Office.
J.P. Morgan CEO Jamie Dimon said the bank had taken $2 billion in trading losses in the past six weeks and could face an additional $1 billion in second-quarter losses due to market volatility.
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