Reuters | Updated On: October 10, 2012 23:36 (IST)
Washington: JPMorgan Chase & Co Chief Executive Jamie Dimonsaid his company has lost up to $10 billion as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis.
“I’m going to say we’ve lost $5 billion to $10 billion on various things related to Bear Stearns now. And yes, I put it in the unfair category,”Dimon said, speaking at a Council on Foreign Relations event.
Dimon said the losses come from litigation and writedowns, among other expenses.
Last week, JPMorgan was hit with a fresh civil lawsuit from the New York attorney general, seeking to hold the bank accountable for allegations that Bear Stearns deceived investors buying mortgage-backed securities.