JP Morgan officials set to lose jobs over hedging fiasco

14 May 2012

Three senior JP Morgan & Chase officials involved in the bank's catastrophic hedging strategy will leave the company in the coming days.

That is according to sources close to the financier, who have told Reuters that the top executives who drove the organisation's business plan that resulted in it losing a minimum of $2 billion are set to depart this week.

Last week, chief executive Jamie Dimon revealed the lender has suffered eight-figure losses in its synthetic credit portfolio over the course of the last few months after experts took on an oversized position on a hedge funds initiative.

With this in mind, insiders have informed the news source that Ina Drew - JP Morgan's chief investment officer - and two of her workers, Achilles Macris and Javier Martin-Artajo, will lose their jobs.

One source commented: "Ina is an amazing investor. She's done a really good job over a lot of years. But they only remember your last trade."

By Gary Cooper

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