"London Whale" swam away with much of the company's profit expected in the second quarter
The "London Whale" swam away with much of JP Morgan's (NYSE: JPM) profit expected in the second quarter.
Trading losses from JP Morgan's credit strategy totaled $4.4 billion, in range with guidance of $3 billion to $5 billion.
It could have been much worse: The New York Times had reported earlier this month that the loss could be as high as $9 billion.
As a result, the bank's net income fell 7% from the same quarter a year earlier.
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