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JP Morgan To Talk On Losses and Earning And Try To Put This Behind

July 14, 2012

JP Morgan To Talk On Losses and Earning And Try To Put This Behind

JPMORGAN TO TALK TRADING LOSSES, EARNINGS – JPMorgan Chase & Co Chief Executive Jamie Dimon on Friday is expected to detail the size of losses the bank has suffered due to questionable trades that began going awry earlier this year rattling Wall Street and raising eyebrows in Washington. So far, at least publicly, the bank has not provided much in the way of specific details on the trades and exactly how much they have cost the bank. Those details, or more of them, are expected on Friday when the bank reports its second quarter earnings. WSJ viewer’s guide. CAN DIMON PUT THE ISSUE BEHIND THE BANK ON FRIDAY? – Reuters’ Jed Horowitz on why that may not be so easy: “Former employees and experts outside the bank say JPMorgan may be underplaying deeper management problems. Senior executives at the bank missed multiple red flags at the group responsible for the bad trades, including high turnover among risk managers, that raise questions about how far up the chain blame should be assigned.” JPMORGAN’S “WHALE” IS GONE – The three London-based employees deeply involved in the trading strategies that led to the losses, which were revealed about two months ago, are no longer with the bank, the WSJ reports. “Achilles Macris, Javier Martin-Artajo and Bruno Iksil are the latest casualties of an episode that already has cost the bank $25 billion in market value and tarred the reputation of Chief Executive James Dimon as Wall Street’s savviest risk manage.” Iksil was “nicknamed the London whale for his market-moving trades.”


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