Second quarter earnings at JPMorgan Chase dropped by 8.7 percent and the bank recorded a $4.4 billion trading loss on the chief investment office's synthetic credit portfolio, according to The Wall Street Journal. The bank initially reported the losses on that portfolio at $2 billion in May, raising questions from lawmakers in Congress over how the bank's regulators missed the bad bets.
The bank also revised its first quarter earnings down by 8.5 percent, or $459 million. The change reflected "recently discovered information that raises questions about the integrity of the trader marks and suggests that certain individuals may have been seeking to avoid showing the full amount of the losses in the portfolio during the first quarter," according to the bank.
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- JPMorgan Chase