JPMorgan CEO says he should have caught "London whale" trades
WASHINGTON, Oct 10 (Reuters) - The chief executive of JPMorgan Chase & Co said he should have caught the "London whale" derivatives trades that resulted in a multibillion-dollar loss for the bank.
"We made a stupid error," Jamie Dimon told an audience at the Council on Foreign Relations in Washington on Wednesday. "I should have caught it ... I didn't."
So far, JPMorgan has estimated its total trading loss at $5.8 billion. The losses stemmed from a London-based trader known as the "London whale" who took large positions in credit derivatives.
(Reporting By Sarah N. Lynch; editing by John Wallace)
((sarah.n.lynch@thomsonreuters.com)(202-354-5831))
Keywords: JPMORGAN DIMON/WHALE
WASHINGTON, Oct 10- The chief executive of JPMorgan Chase& Co said he should have caught the " London whale" derivatives trades that resulted in a multibillion-dollar loss for the bank. So far, JPMorgan has estimated its total trading loss at $5.8 billion.