JP Morgan losses soar to £2.8bn

The losses racked up by disastrous trades at the London office of America’s biggest bank have more than doubled to £2.8bn (€3.5bn), it emerged today.

JP Morgan losses soar to £2.8bn
Fri, 13 Jul, 2012 - 15:32

The losses racked up by disastrous trades at the London office of America’s biggest bank have more than doubled to £2.8bn (€3.5bn), it emerged today.

JP Morgan Chase said a series of botched bets designed to hedge against other investments had created losses of $4.4bn, much higher than its previous estimate of $2bn.

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