Three JPMorgan Chase executives are expected to leave the bank this week following the $2 billion trading loss related to derivatives in the chief investment office in London, the Wall Street Journal reports.
Those high-ranking execs expected to leave 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 sources.
According to the paper’s sources, credit derivatives trader Bruno Iksil, who became the so-called “London Whale” for his huge positions, is also likely to leave.
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 said it was an “egregious error.”
Following the news of the massive trading loss, shares of JPMorgan tumbled 9.28 percent on Friday to close at $36.96.
*Article by Business Insider*