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Fri July 13, 2012
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."