JPMorgan reveals unexpected losses

JPMorgan reveals unexpected losses JPMorgan Chase announced surprise “significant mark-to-market losses” on credit derivatives in its chief investment office, an opaque unit whose aggressive trades have recently drawn controversy.
The bank said in a regulatory filing that the portfolio at the CIO had “proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed”.
On a hastily convened conference call, Jamie Dimon blamed “errors, sloppiness and bad judgment”.
Separately, JPMorgan said it was on the hook for as much as $4.2bn in excess of reserves for various legal proceedings.
http://link.ft.com/r/FG6LAA/U1DCJI/BM7X6L/GDPP79/U1YK8L/UP/h?a1=2012&a2=5&a3=10