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Despite Botched Trade, JPMorgan Chase Makes $5 Billion

JPMorgan Chase on Friday said that losses on its botched trade had reached $5.8 billion. Despite those losses, the bank reported a second-quarter profit of $5 billion, down 9 percent, despite continuing losses from a multibillion-dollar botched credit position.

The company also said it would restate its first-quarter earnings because it was no longer confident that the company’s traders had fairly valued positions within the office that handled the controversial trades.

The bank gave an update on the amount of money it has lost so far in credit derivatives, made by traders in London who worked in the bank’s chief investment office. The bank said it has lost $4.4 billion within that office in the second quarter, up from the $2 billion loss it initially reported in May. . .

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