JPM Loss, Once Feared to Be $9 Billion, Likely to Be Less
Late in May, facing a wrongheaded internal credit-derivatives trade that had already generated $2 billion in losses, senior managers at JPMorgan found themselves staring at a worst-case scenario that pegged the ultimate losses related to unwinding the trade put on by a U.K. trader - now nicknamed "the London Whale" - at as much as $9 billion, says someone familiar with the matter.
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