JPMorgan CIO swaps pricing said to differ from bank's: report

Wed May 30, 2012 10:33pm EDT

A sign is seen outside the JPMorgan office in Los Angeles, California, October 12, 2010. REUTERS/Lucy Nicholson

A sign is seen outside the JPMorgan office in Los Angeles, California, October 12, 2010.

Credit: Reuters/Lucy Nicholson

(Reuters) - The JPMorgan Chase & Co (JPM.N) unit responsible for $2 billion in losses on credit derivatives valued some of its trades at prices that differed from those of its parent investment bank, Bloomberg News reported.

The two different pricing tracks used by the chief investment office and J.P. Morgan's credit-swaps dealer may have obscured by hundreds of millions of dollars the size of the loss before it was disclosed earlier this month, the Bloomberg News report said, citing a person familiar with the matter.

J.P. Morgan Chase is facing criminal probes over the losses in its chief investment office. Chief Executive Jamie Dimon has been invited to testify about the losses before the Senate Banking Committee panel on June 7.

(Reporting By Michelle Conlin; Editing by Richard Pullin)