RTTNews) - JPMorgan Chase & Co. (JPM: News ) announced after the close Thursday that since March 31, 2012, its Chief Investment Office has had hefty mark-to-market losses in its synthetic credit portfolio that has proved to be more risky than expected. JPMorgan said it now estimates its Corporate business, within the Corporate/Private Equity segment, to incur a net loss of about $800 million, which excludes Private Equity results and litigation expense.
JPMorgan Chase gapped open sharply lower Thursday, but traded in a range for the majority of the session. The stock closed down by 3.78 at $36.96 on the highest volume of the year and set a 3-month low.
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