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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