Infamous JPMorgan unit to be merged

JPMorgan has said its operation that produced a $6.2bn trading loss in 2012 will be merged with another business unit.

Bloomberg reports that the Chief Investment Office will be folded into the bank’s Treasury unit, Chief Operating Officer Matt Zames said in an internal memo obtained by Bloomberg News. Craig Delany will lead the new group as global chief investment officer and treasurer, Zames said.

The moves are part of the bank’s 'efforts to strengthen and streamline our infrastructure, processes and controls', Zames said in the memo dated March 31. Brian Marchiony, a spokesman for the bank, confirmed the contents of the memo.

A trader nicknamed the London Whale because of the size of his positions accumulated the $6.2bn loss in 2012.

To access the complete Bloomberg article hit the link below:

JPMorgan Folds London Whale Office Into Another Unit

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