The Bankwatch

Tracking the consumer evolution of financial services

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. 

Egan Jones Downgrades JP Morgan

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.

Jamie Dimon

JPMorgan probe into London role in loss

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.

Written by Colin Henderson

May 13, 2012 at 23:40

Posted in Uncategorized

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