Posted: Friday, 13 July 2012 4:17AM
JPMorgan profit falls on $4.4 billion trading loss
(Reuters) - JPMorgan Chase & Co, the biggest U.S. bank, said it had generated $4.4 billion of credit trading losses in its London offices, but posted overall profit that was barely dented by the trades.
The bank lost money on bad derivatives trades in its Chief Investment Office, but said the events were isolated to the CIO, and that it has overhauled the group.
JPMorgan's overall net income was $4.96 billion, or $1.21 a share, compared with $5.43 billion, or $1.27 a share, a year earlier. Results for both periods included special items.
The derivative loss after taxes reduced earnings per share by 69 cents, the company said.
The shares fell 1.4 percent in trading before the New York Stock Exchange opened.
Story & Photos Copyright 2012 Reuters