Updated 07/13/2012 09:48 PM
JPMorgan Trade Loss Nearly Triple First Estimates, Company Says
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The loss from JPMorgan's trading blunder is now almost triple what was originally thought but strong earnings from the company propel a Wall Street comeback.
The company said a bad trade cost the bank $5.8 billion this year.
Speaking to Wall Street analysts, Jamie Dimon said the bank closed the division responsible for the bad trade.
Some top managers have also been dismissed.
In spite of the news, JPMorgan's $5 billion second-quarter earnings spurred a 204-point rally on the Dow Jones Friday, breaking a six-day slump.