JPMorgan admits to losing $5.8 billion this year so far

JPMorgan admits to losing $5.8 billion this year so far

JPMorgan Chase CEO Jamie Dimon tells reporters early Friday that the botched deal overseen by then-Chief Investment Officer Ina Drew is now believed to have cost the bank around $4.4 billion in the second quarter for 2012. Originally JPMorgan staffers saw the gaffe as costing them only around $2 billion, but between Friday morning’s revelation and the revisions made on its first quarter losses, the actual amount lost in 2012 for the bank stands to be around $5.8 billion, notwithstanding any further developments.