JPMorgan's Losses 'May Reach $9 Billion'

NPR | By Mark Memmott

Published June 28, 2012 at 7:40 AM EDT

JPMorgan Chase & Co. headquarters in New York.

First it was $2 billion.

Then "as high as $4 billion."

Now there's word from The New York Times that:

"Losses on JPMorgan Chase's bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation."

The total has grown, according to the Times, "as the bank has been unwinding its positions."

It says the bank declined to comment.

As we reported last week, while he declined to tell Congress just how much the losses will end up being, JPMorgan CEO Jamie Dimon had a quip ready when asked if they might approach $1 trillion.

"Not unless this earth is hit by a moon," he said.

Mark Memmott

Mark Memmott is NPR's supervising senior editor for Standards & Practices. In that role, he's a resource for NPR's journalists – helping them raise the right questions as they do their work and uphold the organization's standards.

See stories by Mark Memmott

SUSTAIN what matters. BUILD what’s next.

With federal funding eliminated, WKAR relies more than ever on community support to sustain essential services that remain freely available to everyone in mid-Michigan. Your support helps shape what comes next for public media in our region. The best way to support WKAR is by becoming a sustaining member today or by upgrading your current gift. Support WKAR TV Here | Support WKAR Radio Here.