Saturday, June 2, 2012

Heads Start Rolling

From: Halah Touryalai, Forbes Staff

JP Morgan you knew it was coming.  The resignations and firing of JPMorgan Chase employees who were close to the $2 billion trading loss are just getting started.

The first round of departures is starting at the top.  No, not CEO Jamie Dimon, but his chief investment officer Ina Drew.

Drew, 55, is one of the most powerful women on Wall Street.  Last week was a rough one for Drew who oversaw the unit responsible for the$2 billion trading loss.  Drew is among the highest paid execs at JPM. In 2011 her pay package was roughly $15 million.

Drew isn’t the only one on the way out. According tothe WSJ, Achilles Macris, who is in charge of the London-based desk that placed the trade and trader Javier Martin-Artajo, a managing director on Macris’s team are also leaving. The Journal reports that the so-called London Whale, Bruno Michel Iksil is expected to leave also but there’s no official word on him yet.

There may be more departures to come as Dimon tries to contain the damage done to his bank both reputationally and financially.  The bank’s shares fell 9.5% on Friday, the trading loss has highlighted once again the need to regulate banks’ risk-taking abilities.

Thanks for that report Halah (good work) 


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