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JPMorgan senior executives ‘to resign’

Published: May 14, 2012 | 8:16 am
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Top executives at JPMorgan Chase are expected to resign this week following $2bn (£1.2bn) of losses at the bank’s London trading desk, reports suggest.

They include chief investment officer Ina Drew, the New York Times said. Two other high-ranking executives are also set to leave, according to US media.
On Sunday, JPMorgan boss Jamie Dimon said he was “dead wrong” to dismiss concerns about trading at the bank.

Mr Dimon had previously rejected Ms Drew’s resignation, the reports said.

Ms Drew, one of the bank’s longest-standing and best-paid executives, had offered to resign a number of times since the extent of the losses became known, they added.
They were revealed in a statement on Thursday night. JPMorgan shares fell by almost 10% on Friday, wiping $14bn off the company’s value.

Further resignations
Speaking on NBC’s Meet the Press on Sunday, Mr Dimon said: “We made a terrible, egregious mistake. There’s almost no excuse for it.”

He said he did not know the full extent of the problem in April, when he described the concerns as a “tempest in a teapot”.

The losses were made at a small trading unit in London. Reports suggest that Achilles Macris, head of the unit, and Javier Martin-Artajo, a member of the desk, could both resign along with Ms Drew.
The trading loss was revealed in a regulatory filing, and will dent the company’s profits, although it still expects to make about $4bn this quarter.


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