Fin24

JPMorgan hit by $4.4bn loss

2012-07-13 13:45

London - JPMorgan Chase & Co, the biggest US bank by assets, reported a lower second-quarter profit on a loss from whale-sized derivatives trades in its London offices.

The derivatives portfolio lost $4.4bn before taxes for the period, up from the $2bn disclosed on May 10, the company said on Friday.

Net income was $4.96bn, or $1.21 a share, compared with $5.43bn, or $1.27 a share, a year earlier. Results for both periods included special items.

The derivative loss after taxes reduced earnings per share by 69 cents, the company said.

The shares fell 1.4% in trading before the New York Stock Exchange opened.