JPMorgan Chase & Co. (JPM:US)’s losses from a wrong-way bet on credit derivatives are close to being a “non- issue” for the company, Chief Executive Officer Jamie Dimon said.
“We’re getting near the end of it,” Dimon said today on a conference call with journalists. The bank racked up losses of more than $6.2 billion in the first nine months of 2012. JPMorgan has stopped disclosing the precise impact of the position, saying it had a “modest” loss in the fourth quarter.
Dimon said the bank won’t disclose future losses because they’re not material.
To contact the reporter on this story: Dawn Kopecki in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Steve Dickson at email@example.com