Sunday, May 13, 2012

The "Fail-Whale" Fallout Begins: Three JPM Execs To Leave Prop-Trading, Pardon, Hedging Bank

In a development that would make Dostoevsky turn in his grave, we learn that the first three casualites of Fail-Whalegate have been identified.
From the WSJ:
Three high-ranking officers are expected to leave J.P. Morgan Chase & Co. this week, said people familiar with the situation, in the latest fallout from a trading blunder that has cost the bank at least $2 billion.

Those leaving are Ina Drew, who since 2005 has run the risk-management unit that is responsible for the losses;

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