Not the original $2B estimate.
Not the additional $2B Jamie Dimon thought might occur over the next few months.
Nine billion dollars.
The bank's exit from its money-losing trade is happening faster than many expected. JPMorgan previously said it hoped to clear its position by early next year; now it is already out of more than half of the trade and may be completely free this year.
As JPMorgan has moved rapidly to unwind the position - its most volatile assets in particular - internal models at the bank have recently projected losses of as much as $9 billion. In April, the bank generated an internal report that showed that the losses, assuming worst-case conditions, could reach $8 billion to $9 billion, according to a person who reviewed the report.
Tell me again, Jamie, that you guys don't need any curbs on your risk taking. And that it's fine for your federally insured consumer banking division and your high-risk investment banking division to be combined in one company. No need for Glass-Steagal, is there?