JPMorgan Says Cost of Bad Trade Balloons to $5.8B

By: Associated Press

Updated: Fri 1:47 PM, Jul 13, 2012

NEW YORK -- It turns out that a bad trade cost the nation's biggest bank $5.8 billion this year, not the $2 billion that was originally estimated.

JPMorgan Chase says the managers involved have been dismissed without severance.

The bank's CEO, Jamie Dimon, says there could be more losses. He says if financial markets deteriorate severely, the losses could total $7.5 billion.

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JPMorgan Says Cost of Bad Trade Balloons to $5.8B

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