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JPMorgan trading loss may hit $9B: rpt

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JPMorgan (JPM-N) shares fell sharply in overseas trading on Thursday after a newspaper reported that losses from a bungled credit derivatives trade could reach $9 billion US in a worst-case scenario.

The U.S. bank's shares in New York are also trading down 5.4 percent in pre-market trading.

The story was "likely disappointing today" for the shares, Evercore Partners said in a research note.

JPMorgan said in May that it had lost $2 billion on the trades, but these losses have mounted in recent weeks as the bank has unwound its positions, the New York Times reported on Thursday, citing people briefed on the situation.

An internal report at the bank projected in April that the losses could reach $8-9 billion, assuming worst-case conditions, the newspaper said.

JPMorgan declined to comment.

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