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JPMorgan posts $5 billion quarterly profit despite mega-loss
 
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."
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

Despite 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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