JP Morgan (JPM: Quote) has lost ground in pre-market trading on reports that the company's trading losses might be significantly higher than previously thought. Share are down $1.13, or 3.1 percent, to $35.65 before the opening bell.
The well-publicized trading losses at JP Morgan could cost the company as much as $9 billion. This according to a report in the New York Times. Previously, the company had estimated a loss of $2 billion from the trade, which represented a bad bet on credit derivatives.
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by RTT Staff Writer
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