The largest bank in America has taken a huge financial hit, though some are saying reforms put in place are helping J.P. Morgan survive it.
FOX News Radio's Lisa Lacerra reports:
(Dimon) "One of the reasons we keep a fortunate balance sheet is to handle surprises, although this is not the kind of surprise we wanted to have."
J.P. Morgan Chase CEO Jamie Dimon, as the company admits it lost $2 billion - in the second quarter - in a trading portfolio designed to hedge against risks the company makes with its own money. Part of that loss, in the company's corporate and private equity segment.
(Dimon) "We currently estimate this number to be -$800 million, after tax."
J.P. Morgan had previously planned on a profit for the segment of $200 million, excluding some special items.
The news, sending the company's stock sliding more than 6% in late electronic trading. Other banks, suffering heavy losses as well.
Lisa Lacerra, FOX News Radio.