JPMorgan’s Jamie Dimon not worried about potential trading losses
Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., still won’t say how much the bank could wind up losing from risky trades that cost it at least $2 billion.
“We’re not going to give a running tally on losses,” Dimon said at a Deutsche Bank investor conference in Manhattan.
JPMorgan recently disclosed the bank lost $2 billion in complicated trades in its chief investment office, and said the losses could widen by as much as $1 billion.
A recent account in the Wall Street Journal reported the trades could result in as much as $5 billion in losses.
Dimon said the bank was “making progress” in risk reduction.
“We understand the issue,” he said.
Dimon said the bank was examining all possible scenarios for potential losses from the bad bets, depending on how they are unwound. He noted the unit overall had an unrealized profit.
“There’s no outcome that would be a disaster for the company,” Dimon said.
Dimon said he wasn’t worried about the ultimate losses from the bad trades.
“This is an embarrassment,” he said at one point.
He cautioned that the loss tally would be volatile but that at the end of year he hoped “no one is going to care.”
“I’m not that worried about it right now, except it is very volatile right now,” Dimon said.
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