News Column

JPMorgan to Ax Another Exec

Oct. 5, 2012
JPMorgan Chase

The head of regulatory affairs at Wall Street giant JPMorgan Chase is likely to lose his job over massive bank losses, sources told The Wall Street Journal.

The bank announced in May it had lost $5.8 billion in bad derivatives trading. The likely next departure from the bank's higher ranks as a result of the loss will be Barry Zubrow.

This year, four top executives have already left the bank, including Ina Drew, who led the trading department that incurred the losses.

All four were part of a 15-member committee that makes the bank's major decisions.

Zubrow is a close adviser to Chief Executive Officer James Dimon and is expected to maintain a role with the bank as an outside consultant, the Journal said.

Another executive to lose his job was Zubrow's brother-in-law Irvin Goldman, who was named chief risk officer five months before news of the losses became public.


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Source: Copyright United Press International 2012


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