JPMorgan Chase’s board will consider releasing an internal report this week that faults CEO Jamie Dimon’s oversight of a division that lost more than $6.2bn on botched trades, according to two people with direct knowledge of the matter.
Bloomberg reports that the final report, which builds on a preliminary analysis released in July, is critical of Dimon, 56, former Chief Financial Officer Doug Braunstein, 51, former Chief Investment Officer Ina Drew and others for inadequately supervising traders in a U.K. unit that built up a large and illiquid position in credit derivatives last year, these people said.
The report, which isn’t yet finished, will be presented to the board when it meets on January 15th. The directors will then vote on whether to release it to the public when the bank announces fourth-quarter earnings the following day, the people said, asking not to be named because the report is not yet public.
The Wall Street Journal reports that the bank's board is expected to dock Dimon's 2012 bonus because of the debacle, said people close to the company.
Dimon received $23.1m in 2011 compensation, making him the highest-paid CEO among the six giant U.S. banks and securities firms. His pay in 2011 included a $4.5mi in cash bonus and $17m in stock and option awards.
'Whale' Is Threat to Dimon Bonus (subscriber content)
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