JP Morgan Chase is to restate its Q1 results downwards by a net $459m after it revealed the losses it has sustained from its ‘London Whale' positions have widened to $4.4bn.
With losses from the synthetic credit portfolio sitting within the bank's Chief Investment Office now totalling $4.4bn, JPM said in today's Q2 results that the rest of the portfolio will be transferred to its investment bank division, leaving the CIO to focus on "conservatively investing excess deposits". JPM chief executive Jamie Dimon (pictured) said the transfer has been enabled by a significant de-risking of the portfolio, which turned sour when ‘London Whale' trader Bruno Iksil's credit default swap trades went awry. However, the bank said its Q1 restatement was a result of re-va...
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