JP Morgan $2bn loss: timeline April 5 - The Wall Street Journal reports Bruno Michel Iksil, a trader nicknamed the "London Whale," made large bets on credit derivatives. JP Morgan claims his unit, the Chief Investment Office is used to make broad bets to hedge its portfolios of individual holdings, such as loans to speculative-grade companies. April 10 - JP Morgan trader is reported to have stopped making trades. April 13 - Jamie Dimon, the bank's chief executive, dismisses reports on the matter as a "tempest in the teapot" at the first-quarter results, when it reported net income of $5.4bn. May 10 - JP Morgan reveals it has taken $2bn in losses so far in the second quarter related credit derivatives trading, and concedes the loss had "a bit to do with the article in the press." He said, "I also think we acted a little too defensively to that," and blamed the loss on "errors, sloppiness and bad judgement" and warned it "could get worse."