The JPMorgan trading loss circus rolls on. This morning JPMorgan Chase restated their first-quarter net income to $4.92 billion, down $459 million $5.38 billion. The reason being that certain traders may have been attempting to hide the true extent of JPM’s losses.
“Recently discovered information raises questions about the integrity of the trader marks, and suggests that certain individuals may have been seeking to avoid showing the full amount of the losses being incurred in the portfolio during the first quarter,” the bank said.
Jamie Dimon also announced today that he had closed the London division and folded it into the investment banking division. According to WSJ, Bruno Iksil, known as the “London Whale” because of his large market moves, is no longer listed in the company database.
Whether or not the traders’ actions will lead to official government investigations is yet to be known.
[Photo: AP]
August 15, 2012 at 5:24 pm, JPMorgan now part of LIBOR fraud investigation | Death and Taxes said:
[...] JPMorgan Chase.At this point, we can ask the following question with nary a hint of cynicism: Which major scandals and shady business practices has JPMorgan not been involved in this year?New York Attorney [...]