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.
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.