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The trading loss is nicknamed the "London whale" for the location of the responsible trader and its size. The trader made the outsized bets on complex debt securities that went wrong. JPMorgan first disclosed the losses in May 2012, estimating them at $2 billion. Two months later it disclosed that the loss would be about $6 billion. The company said traders may have tried to conceal the losses.
JPMorgan said it closed the division responsible for the mistake.
Shares of JPMorgan Chase fell 31 cents to $56.06 in midday trading after trading as high as $56.56 earlier in the day. That matched its highest level since August 2000, according to FactSet.
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