JPMorgan CEO says he should have caught "London whale" trades

WASHINGTON, Oct 10 (Reuters) - The chief executive ofJPMorgan Chase & Co said he should have caught the"London whale" derivatives trades that resulted in amultibillion-dollar loss for the bank.

"We made a stupid error," Jamie Dimon told an audience atthe Council on Foreign Relations in Washington on Wednesday. "Ishould 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 traderknown as the "London whale" who took large positions in creditderivatives.

(Reporting By Sarah N. Lynch; editing by John Wallace)