NEW YORK (MarketWatch) — The London Whale we’ve come to know refers to the trade and the trader behind a massive loss at J.P. Morgan Chase & Co.
Losses attributed to the whale now are believed to exceed $4.2 billion, according to an estimate made Tuesday by Ed Najarian, an analyst with International Strategy & Investment Group Inc. Read full story about J.P. Morgan losses .
At more than twice the initial estimate announced by J.P. Morgan JPM +3.13% and its chief executive, Jamie Dimon, in May, the loss now is expected to slash second-quarter earnings at the bank by another 30% to 65 cents a share, according to Najarian.
In doing so, the obvious analogy between the London whale and the great whale of fiction, Moby Dick, is becoming stronger.
via For Dimon ‘there is a woe that is madness’ – MarketWatch First Take – MarketWatch.
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