Sharks Circle as JPMorgan (JPM) Trading Losses Quickly Grow 50%

Trading losses at JPMorgan (NYSE: JPM) have grown from $2B to $3B, according to reports from the New York Times. Last Thursday the company's CEO, Jamie Dimon, announced losses of $2 billion in a surprise conference call. Since then, the losses have grown another $1 billion, and sources say that the losses are a direct result of trades taken by contrarians and sharks, who without a doubt smell blood in the water.

During last Thursdays's conference call, Dimon made it clear that JPMorgan would not be unwillingly forced out of its trading positions and that trading results could be volatile for the rest of the year.

At JPMorgan's annual meeting, Dimon hinted that he was willing to cut JPMorgan's dividend if needed.

For now, analysts think the bank is sufficiently capitalized and can ride out the losses, but if this pace continues, it is likely to be a rough road for Dimon and JPMorgan investors.

Shares of JPM are down another 1.3 percent early Thursday to $35.

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