JPMorgan Chase's "London Whale" Lingers
The big takeaway from JPMorgan Chase's earnings results isn't that the bank managed to beat expectations and turn in a very profitable quarter. No, the big takeaway is that JPMorgan's "London Whale" problem hasn't finished evolving yet. The bank reported $4.4 billion in second-quarter losses from the ill-fated trades made by JPMorgan's chief investment officer. That brings the tally up to $5.8 billion, with more expected. Perhaps worse, JPMorgan is restating its first-quarter results because traders may have hidden losses from their trades.
Anand gives his thoughts on the situation in the following video.
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The article JPMorgan Chase's "London Whale" Lingers originally appeared on Fool.com.Anand Chokkaveluowns shares and warrants of JPMorgan Chase. The Motley Fool owns shares of JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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