OMAHA, Neb. (AP) — Billionaire investor Warren Buffett says he believes JPMorgan Chase is doing the right things to deal with its trading losses.
The chairman of Berkshire Hathaway appeared on Bloomberg television Friday morning while JPMorgan CEO Jamie Dimon was discussing his banks results with investors.
JPMorgan says a trading blunder had cost the bank $4.4 billion since the beginning of April, more than double its original estimate.
Buffett says it's normal for banks to have losses. He says the trick is to make sure potential losses don't get so big the bank doesn't have the assets to cover them.
Buffett says he's comfortable with the size of U.S banks and doesn't think they are too big.
He owns 1 million JPMorgan shares in his personal portfolio. Berkshire Hathaway has big investments in Wells Fargo & Co. and Bank of America.