JPMorgan Loss Reportedly Grows

NY Times says bank’s derivatives trading loss may total $9 bln.

JPMorgan Chase & Co. fell more than 6 percent in New York trading after the New York Times reported the lender’s losses from credit derivatives may total as much as $9 billion, exceeding the firm’s initial estimate.

JPMorgan dropped to $35.77 as of 8:44 a.m. from the $36.78 close in New York yesterday, and reached $34.50 earlier today.

‘Terrible Mistake’

“If this company has got earnings power in the $22 billion range, how bad can it be?” Bove said. “To assume that this one-time loss or this one-time event should change all theories or concepts about JPMorgan or about big banks would be a terrible mistake.”

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