REPORT: Everyone In JPMorgan's London CIO Office Is At Risk Of Being Axed After Massive Loss

The fallout from the $2 billion trading loss related to derivatives in JPMorgan Chase’s chief investment office in London could be really, really big. [via efinancialcareers]

Bloomberg News is now reporting that everyone (a few dozen people) in the chief investment office could be axed. 

The Wall Street Journal reported on Sunday that three high-ranking executives are expected to leave the bank this week.  

Those execs include Ina Drew, a 30-year veteran of the bank who was head of risk management; Achilles Macris, who was the head of the desk that made the trades; and Javier Martin-Artajo, a managing director and trader on Macris’ team, according the WSJ’s report.

Last week, JPMorgan disclosed the trading loss in the bank’s 10-Q filing and shortly after chief executive Jamie Dimon held a surprise conference call where he acknowledged it as an “egregious error.” 

After the news of the trading loss, shares of JPMorgan tumbled 9.28 per cent on Friday to close at $36.96. The stock was last more than 1.5% lower in pre-market trading on Monday.  

SEE ALSO: REPORT: Three JPMorgan Execs Expected To Leave This Week Following $2 Billion Trading Loss >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.