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Friday, July 13, 2012

JPMorgan's trading loss: $5.8 billion

JPMorgan's trading loss: $5.8 billion

 "JPMorgan said Friday that the loss from the bank's chief investment office's errant trades has totaled $5.8 billion so far this year.
The three managers who led the trading division no longer work at the bank and could lose as much as two years of income, according to JPMorgan. All the traders involved with the so-called London Whale losses have also been "separated" from the bank, without any severance.
JPMorgan CEO Jamie Dimon praised Ina Drew, who led the CIO office, and said she volunteered to give up two years' worth of pay, the maximum amount available for clawbacks. Drew retired from the firm shortly after the bad trades came to light."

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