This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

JPMorgan's Dimon Leaves Shareholders Hanging

Stock quotes in this article: JPM, BAC, C, WFC, XLF

NEW YORK ( TheStreet) -- JPMorgan Chase (JPM) CEO Jamie Dimon answered plenty of questions on the bank's trading loss in his testimony before the Senate Banking Committee on Wednesday, but shareholders were still left hanging on the one question that really matters to them.

What is the ultimate size of the trading loss?

Estimates by some analysts now top $5 billion, according to press reports, but the CEO refused to comment on details about the size of the trades and how they were being unwound in Senate testimony, saying it would compromise the bank's interests.

While Dimon will testify before the House again on June 19, shareholders may have to wait until the bank reports its results on July 13 to get answers to their multi-billion dollar question.

Still, shares of the bank were up more than 2% on Wednesday following his testimony despite broad market weakness, a sign that shareholders have still not lost their faith in the bank or in Dimon's ability to steer it out of its mess.

"While there are still two weeks left in our second quarter, we expect our quarter to be solidly profitable," Dimon said in his prepared testimony, as he reiterated that the size of the loss did not affect the bank's capital position and hurt neither clients nor taxpayers.

The CEO said in an interview to CNBC following his testimony that the bank will disclose what the trading losses were "for the quarter" when it reports next month. JPMorgan will also offer more details on "what risk remains."

"We said in testimony we are going to be solidly profitable this quarter. We will be solidly profitable in the third and fourth quarter too, unless something else goes wrong, but it won't be because of this CIO trading loss that we are not solidly profitable," he told CNBC.

JPMorgan is usually the first to kick off bank earnings season and often sets the bar for other banks' performance.

This time would be no different as investors focus on how the bank navigated the capital markets as macro-economic conditions once again turned adverse in the wake of Europe's ongoing turmoil.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,802.27 -2.44 -0.01%
S&P 500 1,939.51 -6.65 -0.34%
NASDAQ 4,410.3860 -11.6990 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs