JP Morgan Chase has been hit by $2 billion in trading losses and could face an additional $1 billion loss, Chief Executive Jamie Dimon said in a conference call after U.S. markets closed today.
The losses stemmed from derivatives positions in the bank's Chief Investment Office, which manages risk for the company. The Wall Street Journal reported last month that large bets—by a London-based trader named Bruno Michel Iksil—being made in that office had roiled a sector of the debt markets.
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