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Dimon Says Derivatives Made Several Billion Dollars Before Slump

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during a Senate Banking Committee hearing in Washington, D.C. on June 13, 2012. Photographer: Andrew Harrer/Bloomberg
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during a Senate Banking Committee hearing in Washington, D.C. on June 13, 2012. Photographer: Andrew Harrer/Bloomberg

June 13 (Bloomberg) -- JPMorgan Chase & Co.’s credit derivatives portfolio responsible for a $2 billion trading loss made “several billion dollars” in profit in the three or so years before the trades turned against the company, Chief Executive Officer Jamie Dimon said.

“The synthetic credit portfolio made several billion dollars” before the company’s May 10 announcement that a wrong-way bet in repositioning the book went bad, Dimon said at a hearing of the Senate Banking Committee today.

To contact the reporter on this story: Dawn Kopecki in Washginton at dkopecki@bloomberg.net;

To contact the editors responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net; David Scheer at dscheer@bloomberg.net

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