Early this morning, JPM announced they set aside another $529 million to cover bad energy bets–bringing their total energy fuckery to $1.3 billion. That number was merely $500 million more than expected, from their gargantuan $44 billion portfolio.
As an aside, they also ‘set aside’ $162 million for fucked up metals and mining losses–which came in 62% higher than previously forecasted.
If you enjoy the content at iBankCoin, please follow us on Twitter
Can’t possibly be worse than Deutsche’s
sold the rest of my FCX 11+. thank you Cramer for hating it at 4 but loving it at 10.
Still not enough. As I posted before, by Dec 2015, they already had $277M in Non-performing Oil and Gas and “Criticized” $4263M.
JPM’s better-than-expected results coudl be because they aren’t marking their true losses. See ZeroHedge (but for God’s sake, don’t leave breadcrumbs that lead their zombie commenters back to here!)
http://www.zerohedge.com/news/2016-01-16/exclusive-dallas-fed-quietly-suspends-energy-mark-market-tells-banks-not-force-shale
http://www.zerohedge.com/news/2016-04-12/dear-dallas-fed-any-comment