Photo: Stanford Graduate School of Business
It’s been just over a week since JPMorgan Chase disclosed that disastrous multi-billion trading loss in the bank’s chief investment office in London related to derivatives trades. Today The Wall Street Journal’s Monica Langley is out with an amazing report disclosing new details about the happenings in the upper echelons of JPMorgan before it was made public.
During an April 30th meeting, the bank’s chief executive, Jamie Dimon, first learned about the magnitude of the losses when he demanded to see the specific positions.
When he saw the positions he couldn’t breathe and it made him feel queasy, according to the WSJ report, citing sources familiar with the matter.
What’s more is Dimon, who had a reputation for being one of the best risk managers, couldn’t sleep very well the nights following that meeting.
The report said he would wake up very early and exercise in an effort to fight off anxiety and tried to maintain a business-as-usual appearance while at the office.