Losses at JPM could have grown to $7 billion: The Independent

The Independent is noting this morning Europe-time, that the losses at JPMorgan could have grown to $7bn:

Rival traders reckon that the losses could be as high $7bn. "The markets know pretty much what JP Morgan has and in what sizes," said one trader.

The main index on which Mr Iksil's credit default swaps trades were based has calmed down in recent days, which suggests that JP Morgan has decided to trade out of its positions gradually rather than take one massive hit.

...

According to JP Morgan traders, in [Ina Drew's] absence there were regular shouting matches between her subordinates in New York and London. "The strife distracted everyone because no one could push back," one trader told The New York Times.