Inquisiter – JPMorgan Chase & Co.’s (JPM) CEO Jamie Dimon has indicated that the firm lost roughly $2 billion. JPM’s chief investment office, which focuses on hedging, made some risky bets on synthetic credit securities that didn’t play out to the advantage of the bank. The company, which declined 5.5% to $38.50 in extended trading at 5:55 p.m. (EST) issued a quarterly securities filing statement which read:
“This portfolio has proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed.”
