????“摩根大通總能想出法子讓業績看起來相對比較樂觀，”羅奇代爾證券（Rochdale Securities）的分析師理查德?博韋說，“他們可以利用多種利潤源來降低虧損。”

????許多分析師卻認為摩根大通的交易虧損可能大于預期。摩根士丹利（Morgan Stanley）銀行分析師貝琪?格拉塞克最近估計，“倫敦鯨”事件引起的損失可能達到70億美元之多。摩根大通下個月即將公布第二財季的業績。分析師們預測該行第二財季每股收益為0.86美元，約合凈利潤33億美元。而在“倫敦鯨”虧損公布前，分析師們的預期為每股收益1.24美元，合凈利潤47億美元。

????但是這段時間以來，歐洲和美國經濟前景惡化，這也可能導致分析師下調了對摩根大通的收益預期。投資公司Evercore的銀行分析師安德魯?馬奎德說，關于“倫敦鯨”虧損交易的情況，摩根大通公布的信息還不夠，所以仍然無法估計這個虧損的窟窿到底有多大。他說：“現在大家都是在猜測而已。”

????譯者：默默

????"JPMorgan always finds a way to manage their earnings to get a relatively positive result," says Richard Bove, an analyst at Rochdale Securities. "There are multiple sources of income they could use to blunt the losses."

????A number of analysts have taken the stance that JPMorgan's trading loss could be larger than expected. Morgan Stanley bank analyst Betsy Graseck recently estimated the hit from the London Whale to be as large as $7 billion. The bank will report quarterly results next month, and analysts are predicting JPMorgan will earn $0.86 a share in the second quarter, or roughly $3.3 billion. That's down from an estimate of $1.24 a share, or $4.7 billion before the London Whale's losses were announced.

????But during that time the outlook for Europe and the U.S. economy has worsened as well, potentially contributing to the lower expectations for JPMorgan's earnings. Bank analyst Andrew Marquardt of Evercore says JPMorgan has yet to release enough information about the exact London Whale trades to make an estimate of how large the losses are. "It's complete speculation," he says.