JPMorgan Chase sells 70% of 'London Whale' position

JPMorgan Chase & Co has sold off around 70% of the ‘London Whale' position which caused $2bn of trading losses for the investment bank, according to reports.

CNBC has reported between 65% to 70% of the long holding in the CDX IG-9 10-year index has been sold off in the past month, with the bank still attempting to offload the remaining positon. The $2bn trading loss was unveiled last month and resulted in the resignation of a number of senior figures at the group. The bank's share price plummeted 10% in a day, wiping $14bn of its value. At a Congressional hearing yesterday, CEO Jamie Dimon told the House Financial Services Committee the decision to change how the bank measured trading risk could have "aggravated" the loss. According to ...