In an unexpected after hours call with investors CEO Jamie Dimon said JPMorgan was facing massive losses – legal losses of $4.2 billion were reasonably possible
CEO Jamie Dimon:
…”could easily get worse
“I can almost guarantee it’s not just JPMorgan.” adds trader Guy Adami.
“JPMorgan looks like it’s going to bring down the entire space,” adds Steve Grasso.
In other words, all the traders are expecting financials to sell-off broadly on Friday.
“The sector hasn’t been doing well anyway,” explains Steve Grasso. “The group has been breaking down. This feels like it could be a nail in the coffin.”
Read more via CNBC.