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Dimon Says Whale Loss Is Very Close to Being a ‘Non-Issue’

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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said, “We’re getting near the end of it.” Photographer: Andrew Harrer/Bloomberg

Jan. 16 (Bloomberg) -- JPMorgan Chase & Co.’s losses from a wrong-way bet on credit derivatives are close to being a “non-issue” for the company, Chief Executive Officer Jamie Dimon said.

“We’re getting near the end of it,” Dimon said today on a conference call with journalists. The bank racked up losses of more than $6.2 billion in the first nine months of 2012. JPMorgan has stopped disclosing the precise impact of the position, saying it had a “modest” loss in the fourth quarter.

Dimon said the bank won’t disclose future losses because they’re not material.

Link to Company News:{JPM US <Equity> CN <GO>}

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

To contact the editor responsible for this story: Steve Dickson at sdickson1@bloomberg.net

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