The New York Post reports that Thompson, who ranked as the highest-paid bank chief financial officer in the country last year, is responsible for last week’s embarrassing disclosure that the banking giant had screwed up billions of dollars on its balance sheet for the past five years.
Thompson admitted Wednesday during the bank’s annual investor meeting that the $4bn miscalculation originated 'within several areas of the CFO group' when preparing regulatory filings. The bank’s board learned about the issue within '24 hours' of its discovery, he said.
Thompson was promoted to CFO in 2011 after serving as chief risk officer — meaning it took his team almost 35 months to catch the error.
But the math gaffe, however, is unlikely to put a dent in his 18-year career at the bank.
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