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Hutchin Hill Capital LP and Saba Capital Management, both hedge fund companies exited from PMorgan Chase & Co. (NYSE:JPM) trading bets on credit derivatives after reports that the bank is expected to loss as high as $9 billion.

Neil Chriss, a former trader for Goldman Sachs Group Inc. (NYSE:GS) and Boaz Weintein, former Deutsche Bank AG (NYSE:DB) trader founded Hutchin Capital and Saba Capital respectively. Both hedge fund managers bet against the credit derivatives index created by Bruno Iksil, nicknamed the “London Whale” is responsible in the bank’s losses.

Saba Capital made profits from betting against the bank’s trades on a group of derivative indexes including Markit CDX NA IG Series 9 index.

NA IG 9 CDS

According to a report from Katya Wachtel Reuters, Saba Capital exited directly from the bank’s Chief Investment Office in London. The hedge fund company gained 2.3 percent as June 22. The Hutchin Hill news was reported by Mary Childs of Bloomberg.

It is not clear if Hutchin Hill Capital also made profits. We earlier reported that sources told us that Hutchin Hill was up 2.7% for April,with credit  trades accounting for +0.29% of the gain, however, we did not hear specifics on the now famous trade..

Meanwhile, fund companies including BlueMountain Capital Management and BlueCrest Capital Management earned revenue after betting against JP Morgan Chase.

Jamie Dimon, CEO of JP Morgan Chase admitted to the Congress that the bank made a trading mistake and apologized to shareholders and lawmakers. The company is trying to clear its bad trading position as early as possible. Despite stock losses, Dimon assured the lawmakers that the bank is financially healthy and it has sufficient capital in case of economic difficulties.

Meanwhile,  Rochdale Securities analyst Richard Bove said that JP Morgan Chase will not suffer a major loss this year. He said that the bank’s estimated $9 billion trading loss was based on pure speculation and the trading failure is an isolated incident. According to Bove, if the the bank  earns $22 billion by the end of 2013, it means that JP Morgan Chase makes more money than any other company in the United States or worldwide.

On July 13, JP Morgan Chase is expected to report some part of the bank’s total stock losses and revenues for the second quarter.