JPMorgan posts $5 billion quarterly profit despite mega-loss
By The Week Staff | July 13, 2012
JPMorgan Chase CEO Jamie Dimon said that "egregious mistakes" were made that caused the company's monumental loss, and that things could "easily get worse."
AP Photo/Frank Franklin II
D
espite generating a $4.4 billion trading loss, JPMorgan Chase reported a second quarter profit of $5 billion, which was down 9 percent. In May, the bank initially reported the trading losses were $2 billion. The financial giant says it will have to restate its first-quarter earnings as traders may have misstated positions in attempts to reduce losses on the failed investments.
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