In this Wednesday, June 13, 2012, file photo, JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, testifies before the Senate Banking Committee on Capitol Hill in Washington. All eyes will be on JPMorgan Chase on Friday, when it becomes the first U.S. bank to report financial results for April through June. The $2 billion trading loss by the largest U.S. bank rattled the company’s stock price, triggered a U.S. government investigation and hurt both its reputation and that of CEO Jamie Dimon. (AP Photo/J. Scott Applewhite, File)PALLAVI GOGOI
NEW YORK (AP) – JPMorgan Chase, the largest bank in the United States, said Friday that its loss from a highly publicized trading blunder had grown to $4.4 billion in the most recent quarter, more than double the bank’s original estimate of $2 billion.
The bank also said that it was reducing its net income for the first quarter by $459 million because it had discovered information that “raises questions about the integrity” of values placed on certain trades.
“We don’t take it lightly,” CEO Jamie Dimon told Wall Street analysts on a conference call. He added: “We’re not making light of this error, but we do think it’s an isolated event.”
Dimon said the bank had closed the division of the bank responsible for the bad trade and moved the remainder of the trading position under its investment banking division.