October 10, 2012 / 5:28 PM / 5 years ago

JPMorgan CEO says he should have caught "London whale" trades

JPMorgan Chase & Co CEO Jamie Dimon speaks about the state of the global economy at a forum hosted by the Council on Foreign Relations (CFR) in Washington October 10, 2012. REUTERS/Yuri Gripas

WASHINGTON (Reuters) - The chief executive of JPMorgan Chase & Co (JPM.N) said he should have caught the “London whale” derivatives trades that resulted in a multibillion-dollar loss for the bank.

“We made a stupid error,” Jamie Dimon told an audience at the Council on Foreign Relations in Washington on Wednesday. “I should have caught it ... I didn‘t.”

So far, JPMorgan has estimated its total trading loss at $5.8 billion. The losses stemmed from a London-based trader known as the “London whale” who took large positions in credit derivatives.

Reporting By Sarah N. Lynch; editing by John Wallace

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