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JPMorgan CFO Indicates Trading Losses Could Total $7.5B

JPMorgan recently announced its losses from risky trades earlier this year cou

JPMorgan Chase came under a significant amount of scrutiny for reported trading losses of more than $2 billion recently. Now, however, the company's CFO says the banking giant may have lost closer to three times that amount as a result of the risky trading - a figure that may still climb.

In a conference call July 13, JPMorgan CFO Doug Braunstein said the year-to-date losses from trades made by the so-called "London Whale" have now topped $5.8 billion with further losses of $1.7 billion possible under a worst-case-scenario, MSNBC reported. Also on the conference call, CEO Jamie Dimon said the company had learned a lot from the "isolated incident," and would take measures to ensure there would be no repeat performances. He did, however, acknowledge that finance is a sector fraught with uncertainty.

“We’ll never say we’ll never make a mistake […] we operate in a risk business,” MSNBC quoted Dimon as saying.

Despite the trading losses, JPMorgan still managed to bring in roughly $5 billion in the second quarter, according to a Dow Jones Newswire report. Though an impressive figure, income was down 14 percent from the first quarter and is a 16 percent from the previous year, the source reported.