The infallible JP Morgan finally encounters the same loss problems as the rest
Back in April there was much talk about Bruno Iksil, Head Trader at the JP Morgan CIO (Central Investment Office) and how they were moving into proprietary ‘house’ trading.
The iconoclastic rating agency, and fully recognized NRSRO to the dismay of some tabloids, which just refuses to play by the status quo rules, and which downgraded the US for the second time last Friday, to be followed soon by other rating agencies as soon as US debt crosses the $16.4 trillion threshold in a few short months, has just done the even more unthinkable and downgraded Fed boss JPMorgan from AA- to A+.
That has now come home to roost. The untouchable Jamie Dimon has now to fire Iksil’s boss Ina Drew because of a mark to market trading loss of $2 Bn or more.
Ina Drew, the head of the CIO, Achilles Macris, head of the London-based trading team, and Javier Martin-Artajo, another member of the team, are all set to depart, according to a person familiar with the situation.