JPMorgan sold most of 'London Whale' position - report

JPMORGAN-LOSSES-CNBC:JPMorgan sold most of 'London Whale' position - report

JPMorgan Chase & Co has sold off as much as 70 percent of the controversial position that has caused huge trading losses for the bank, CNBC reported on Wednesday.

The television network said the bank had sold 65 percent to 70 percent of the so-called London Whale position, a hedging strategy gone so wrong that in early May JPMorgan conceded it had already lost $2 billion.

Since that disclosure JPMorgan shares have shed more than 11 percent of their value, wiping $17.9 billion off their market capitalization.

A JPMorgan spokesman declined to comment on the CNBC report.

The report came one day after Chief Executive Jamie Dimon, in congressional testimony, said the company was being honest with investors about its losses.

 

(Reporting By Ben Berkowitz; Editing by Gerald E. McCormick)