JPMorgan to take $9 billion charge for Bear deal

05/14/2008 | Financial Times (free content)

JPMorgan Chase Chairman and CEO Jamie Dimon explained at a banking conference that the larger-than-estimated charge of roughly $9 billion to rescue Bear Stearns was a result of Bear's losses and bad assets on its books. The charge also covers expenses related to redundancies and litigation stemming from the takeover. Dimon said he is optimistic about the long-term outlook of the deal, although it will likely be years before its benefits can be realized.

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