Mr Dimon has said the losses "could get worse" and market participants believe they have. The special investments group made a handful of private equity investments in groups including LightSquared, which has filed for bankruptcy protection, and Johnson Publishing, publisher of Ebony magazine. Norma Corio, a 30-year veteran of the bank, will continue to run the group, which made investments of several hundred million dollars a year. It is likely to be rebranded. Even as the reorganization was being finalised on Wednesday, the board of Technicolor, the troubled French technology company, approved a 158 million euros investment by JPMorgan, an offer that had been managed by the special investments group but is now being moved. Shares in JPMorgan fell 2 percent on Wednesday to $32.96. They are down 19 percent since May 10 when Mr Dimon announced "egregious" errors relating to credit derivatives positions taken in the CIO by a trader dubbed "the London whale".