Bloomberg News

Dimon Sees No ‘Disaster’ Scenario for JPMorgan CIO Trading Loss

May 21, 2012

JP Morgan Chase & Co. headquarters in New York. Photographer: Peter Foley/Bloomberg

JP Morgan Chase & Co. headquarters in New York. Photographer: Peter Foley/Bloomberg

JPMorgan Chase & Co. (JPM:US) Chief Executive OfficerJamie Dimon said the firm doesn’t see any scenario in which trading losses in its chief investment office would amount to a disaster.

“We’re looking at all the potential outcomes” from the unit’s trades, Dimon said at an investor conference today in lower Manhattan. “There’s no outcome that will be a disaster for this company.”

The trade had resulted in about $2 billion in losses as of May 10, an amount Dimon said at the time could widen by $1 billion this quarter. It remains “very volatile right now,” though less so than previously, he said today, declining to answer a question on how large it may get.

“I am not sitting here worried about the ultimate loss on this thing,” Dimon said.

To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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