JPMorgan loses $4.4 billion on trades; traders may have hidden losses
By David Henry and Jed Horowitz
(Reuters) - JPMorgan Chase & Co, the biggest U.S. bank, said it had lost $5.8 billion in 2012 from disastrous credit bets and that traders might have tried to conceal the extent of the losses earlier this year.
Of the trading losses, $4.4 billion came in the second quarter. But the bank still generated nearly $5 billion of overall profit for the period.
JPMorgan's disclosure about traders misstating the value of their positions was the first indication that the problems with the company's bad trades may have extended beyond bad judgment about markets.