The Fallout from the JP Morgan Chase $2B Loss courtesy of the French Born trader Bruno Michel Iksil know as Voldemort. Jamie Dimon's Mea Culpa this morning on Meet The Press was followed with these items.
http://www.reuters.com/...
(Reuters) - JPMorgan Chase & Co is expected this week to accept the resignation of Chief Investment Officer Ina Drew after the bank lost $2 billion or more with a failed hedging strategy using derivatives, sources close to the matter said on Sunday.
Two of Drew's subordinates who were involved with the trades, Achilles Macris and Javier Martin-Artajo, are expected to be asked to leave, according to the people familiar with the matter.
Drew had repeatedly offered to resign after the bank discovered that its portfolio of derivatives tied to bonds was rapidly losing money and had grown too big to be quickly unwind, according to one of the sources. But the resignation was not immediately accepted because of her past performance at the bank.
Until the $2 billion loss was disclosed on Thursday night, Drew was considered in the industry to be one of the best managers of balance sheet risks.
Achilles Heel jokes welcome
http://www.huffingtonpost.com/...
NEW YORK (AP) -- Three high-ranking executives at JPMorgan Chase are expected to leave their jobs this week after a trading blunder cost the bank $2 billion, The Wall Street Journal reported Sunday.
The Journal, citing people familiar with the situation, reported that one of the executives is Ina Drew, who for seven years has run the risk-management division at the bank responsible for the loss.
The other two identified by the newspaper are an executive in charge of the London desk that placed the trades and a managing director on that team. The bank did not immediately return a message from The Associated Press.