JPMorgan Chase Chief Risk Officer John Hogan, whose tenure included the bank’s worst-ever trading loss, will take a temporary leave for personal reasons beginning later this month, he said in a memo to staff.
'I’m looking forward to taking this time off to spend with my family and friends', Hogan wrote in a memo obtained last week. Deputy Risk Officer Ashley Bacon will fill in until Hogan returns this summer, he said. Hogan discussed his plans with top managers including Chief Executive Officer Jamie Dimon, he said.
Bloomberg reports that Hogan, previously chief risk officer for the investment bank, took his post a year ago, about three months before the New York-based company disclosed a large and illiquid trading position at the chief investment office. The holdings lost more than $6.2bn in the first nine months of last year and JPMorgan’s market value dropped more than $50bn in the weeks after the so-called London Whale episode become public.
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