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JPMorgan shares fall on $9 billion loss report

@CNNMoneyInvest June 28, 2012: 4:40 PM ET
JPMorgan stock shares

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NEW YORK (CNNMoney) -- JPMorgan's stock price fell Thursday following a report that its trading losses from a London unit could reach $9 billion.

JPMorgan Chase (JPM, Fortune 500) dipped 2.5% after the New York Times report.

The loss would be far wider than the $2 billion originally announced by JPMorgan on May 10. At that time, Chief Executive Officer Jamie Dimon said that the trading losses had occurred since the start of April.

The trading losses stemmed from the firm's corporate unit, which had been conducting derivatives trades to try to hedge against risk. The losses were blamed on a trader known as the "London whale."

Since then, the loss estimate has been growing sharply. More recently, the worst case estimate was believed to be $7 billion.

Other bank stocks slipped in morning trading. Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500) and Wells Fargo (WFC, Fortune 500) all fell in the first half hour of trading. To top of page

Index Last Change % Change
Dow 17,813.39 1.20 0.01%
Nasdaq 5,116.14 13.33 0.26%
S&P 500 2,088.87 -0.27 -0.01%
Treasuries 2.23 -0.01 -0.49%
Data as of 5:20pm ET
Company Price Change % Change
Pfizer Inc 32.87 0.90 2.82%
HP Inc 12.64 -2.00 -13.66%
General Electric Co 30.36 -0.30 -0.98%
Bank of America Corp... 17.44 -0.03 -0.17%
Freeport-McMoRan Inc... 8.10 -0.20 -2.41%
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