After initially saying the loss on a series of "grievous" trading "mistakes" would be around $2 billion, JPMorgan announced that the losses are now about $4.4 billion. (Upside, it's not that $9 billion number...yet!) CEO Jamie Dimon added that the company's former Chief Investment Officer who oversaw the terrible trades offered to return two years of pay.

Dimon said of Ina Drew, "She has acted with integrity and tried to do what was right for the company at all times, even though she was part of this mistake. In that spirit, Ina came forward and offered to give up a very significant amount of her past compensation, which is equivalent to the maximum clawback amount." Additionally, the Wall Street Journal reports that JP Morgan said it would claw back "two years of compensation from those responsible for the London CIO losses," like traders.

As for how much more losses the risky trade—known as the London "Whale" which involved using derivatives to bet on corporate bonds—could cause, Dimon said there could be another $1.6 billion in the third quarter.