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JPM Updates “London Whale” Loss to $4.4 Billion

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  • Description

    FBN’s Adam Shapiro breaks down the latest earnings report from the big bank.

  • Duration 1:42
  • Date

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-- point and JPMorgan says that the net loss from that London well.

Is significantly more than -- two billion initially.

That we initially heard about.

And before reporting the profits this morning JPMorgan Chase also announce that it's being forced to restate their first quarter results so.

We've got out its apparel he's outside of the JPMorgan headquarters to give us more odd details on this out of.

Yeah and the conference call -- that Jaime diamonds wrapped up but essentially you know you talk about the four point four billion dollar loss in the people responsible for that I -- through resigned in May.

Actually gave back the maximum amount that could've been clawed back.

From her compensation and three other people -- traders actually in the London office mr.

-- who's referred to as the London -- They're going to baseball back up to two years of their compensation they are no longer with the bank.

But as -- Bob.

Jamie Dimon.

Was explaining what happened here what really caught everyone by surprise and really raise some eyebrows but the teenagers would -- would.

Be -- text of ONG oh my god.

Was this statement in the press releases well as the earnings report that quote the firm recently discovered information that raises questions.

About the integrity.

The trader marks and suggested certain individuals.

May have been seeking to avoid showing the full amount of the losses in the portfolio during the first quarter.

You can imagine there was an apt word that was uttered at that point that we're being broad but no one.

It's really raising -- factor right now.

The three people who would have been responsible for that have not been identified but they have left the bank.

Back to you have left the bank and you know what that's really important stuff for Washington DC but for the stock market.

It seems like there's sort of bit of a sigh relief thanks a lot -- we appreciate it.

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