Wednesday 21 March 2018

David Henry: JPMorgan dips into cookie jar to counter ‘London whale’ losses

David Henry

JPMORGAN Chase & Co has sold an estimated $25bn (€20bn) of profitable securities in an effort to prop up earnings after suffering trading losses tied to the bank's now-infamous "London Whale," compounding the cost of those trades.

Chief executive Jamie Dimon earlier this month said the bank sold corporate bonds and other securities, pocketing $1bn in gains that will help offset more than $2bn in losses.

As a result, the bank will not have to report as big an earnings hit for the second quarter.

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