JPMorgan Earned $5B In Second Quarter Even After $4.4B Trading Loss | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

JPMorgan Earned $5B In Second Quarter Even After $4.4B Trading Loss

Though it suffered an estimated $4.4 billion loss related to its bungled trading in some very risky types of investments, JPMorgan Chase said this morning that it still did well enough in its other businesses that it had net income of $5 billion in the second quarter.

As our colleagues at Planet Money said Thursday, even though the high-profile losses were huge, the nation's largest bank could "probably absorb them, and even make up for them with income from elsewhere in its operations." That seems to be what happened.

According to bank CEO Jamie Dimon, "importantly, all of our client-driven businesses had solid performance."

And concerning the trading losses, Dimon said in a statement that "we have put most of this problem behind us and we can now focus our full energy on what we do best — serving our clients and communities around the world."

NPR's Jim Zarroli is due on Morning Edition today to talk about the bank's second-quarter results. Click here to find an NPR station that broadcasts or streams the show.

Update at 8:50 a.m. ET. More On The News:

The Associated Press notes that the $4.4 billion is more than twice what the bank initially estimated its trading-related loss would be. And, AP reports, "the bank said all managers in the London office responsible for the trade had been dismissed without severance pay and that it planned to revoke two years' worth of pay from each of those executives."

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

NPR

Forget The Fishing Boat: Alaskans Scoop Up Salmon With Dipnets

Salmon fishing on a scenic river in Alaska isn't always about hooking a big fish in the remote wilderness. Sometimes, it's about standing shoulder-to-shoulder in the water to fill up your freezer.
NPR

Forget The Fishing Boat: Alaskans Scoop Up Salmon With Dipnets

Salmon fishing on a scenic river in Alaska isn't always about hooking a big fish in the remote wilderness. Sometimes, it's about standing shoulder-to-shoulder in the water to fill up your freezer.
NPR

'I Love Your Country,' New House Member Tells U.S. Officials

Rep. Curt Clawson, a Republican from Florida, tells subcommittee witnesses from two U.S. agencies, "I'm familiar with your country; I love your country."
NPR

Key Chain Blood-Alcohol Testing May Make Quantified Drinking Easy

Some of us now monitor our steps, sleep and calorie intake with wristbands and apps. So why not track blood-alcohol levels? We explore the next frontier in the self-measurement movement.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.