2012-07-13 — nytimes.com
JPMorgan Chase on Friday said that losses on its botched trade had reached $5.8 billion so far this year. Despite those losses, the bank reported a second-quarter profit of $5 billion, down 9 percent.
The losses were in positions in credit derivatives, made by employees in London who worked in the bank's chief investment office. The bank said it has lost $4.4 billion within that office in the second quarter, up from the $2 billion loss it initially reported in May.
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