NEW YORK -- JPMorgan Chase & Co. shares plunged 6% in after-hours trading after the bank announced that it suffered steep losses in a portfolio of credit investments.
Jamie Dimon, the bank's chief executive, called the losses "egregious" in a quickly arranged conference call with investors, analysts and reporters.
“The strategy was badly executed and badly monitored,” Dimon said in the call.
Investors responded by dumping the stock. Shares dropped as much 6%, to about $38.50 a share, in after-hours trading on Wall Street.
After the market closed Thursday, JPMorgan told regulators it lost about $2 billion tied to synthetic credit securities. The wrong-way bet was taken by its chief investment office, which the bank uses to help manage its trading risks.