It turns out that a bad trade cost the nation's biggest bank $5.8 billion this year, not the $2 billion that was originally estimated.
JPMorgan Chase says the managers involved have been dismissed without severance.
The bank's CEO, Jamie Dimon, says there could be more losses. He says if financial markets deteriorate severely, the losses could total $7.5 billion.
JPMorgan says the traders involved don't work for the bank anymore and they could lose as much as two years of income because of the expensive blunder.
Dimon says the bank will no longer trade derivatives, which were behind the big losses.
He says JP- Morgan hopes to restart buying back stock in the fourth quarter, if the Federal Reserve approves the bank's new capital plan.
Despite the loss, JPMorgan posted net income of $5 billion in the most recent quarter, sending its stock surging today. The market overall has been solidly higher. (AP)
