JPMorgan sells most of whale

JPMorgan Chase & Co has sold as much as 70 per cent of the controversial position that caused huge trading losses for the bank, CNBC reported yesterday. The television network said the bank had sold 65 per cent to 70 per cent of the so-called London Whale position, a hedging strategy gone so wrong that in early May JPMorgan conceded it had already lost $2bn. JPMorgan said this week that it will detail the size of the loss and the status of the position on 13 July when it reports earnings for the second quarter. Chief executive Jamie Dimon has declined since announcing the loss on 10 May to provide specific updates on the position for fear of giving other traders an advantage. He has said the bank has made progress in containing the loss.