Updated with comments from CEO Jamie Dimon
NEW YORK (TheStreet) -- JPMorgan Chase (JPM) has suffered "significant" mark-to-market losses in its synthetic credit portfolio since the end of the first quarter, the bank revealed after the bell on Thursday.
In an highly unusual, unscheduled conference call, CEO Jamie Dimon revealed that the bank's Chief Investment Office has suffered a trading loss of $2 billion in its synthetic credit portfolio, offset by a $1 billion securities gain, as a strategy to re-hedge its portfolio backfired.
Shares of the bank were down 6% in after-market trading.
|JPMorgan Chase CEO Jamie Dimon|
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