Bloomberg News

Dimon Says Whale Loss Is Very Close to Being a ‘Non-Issue’

January 16, 2013

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said, “We’re getting near the end of it.” Photographer: Andrew Harrer/Bloomberg

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 dkopecki@bloomberg.net

To contact the editor responsible for this story: Steve Dickson at sdickson1@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • JPM
    (JPMorgan Chase & Co)
    • $60.05 USD
    • 0.11
    • 0.18%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus