The bad bet that cost JPMorgan Chase more than $6bn has already provoked scrutiny from regulators and federal agents.
The New York Times reports that now it is JPMorgan’s turn to assess the actions of its executives.
In a 129-page report attached to its quarterly earnings on Wednesday, the bank dissected the multibillion-dollar trading loss at the chief investment office, outlining a breakdown at the highest levels of management and detailing the “remedial” steps it has taken to heal a rare black eye.
Few surprises emerged from the report, which noted that the bank had overhauled its oversight of the chief investment office and fired the executives responsible for the trade. It was widely expected that the task force would issue a broad critique of the bank’s trading strategy and management.
Still, it is not often that a bank pulls the curtain back on its own executive fiasco. Some within JPMorgan were wary of releasing the report, worried that it would provide a road map for plaintiffs’ lawyers seeking to sue the bank. The chief executive, Jamie Dimon, reportedly supported a broad release of the document, however.
Hit the link below to access the complete New York Times article:
image: © brydeb