J.P. Morgan made it official Monday morning. Ina Drew, a 30-year employee of the bank and its chief investment officer, is retiring in the wake of the bank’s trading losses.


Bloomberg News
Riding in to handle the fallout is Mike Cavanagh, the head of the bank’s Treasury & Securities Services and former CFO of the bank. Cavanagh is going to lead a “dedicated team of senior executives from across our company to oversee and coordinate our firm-wide response to the recent losses in the Chief Investment Office,” the company’s press release said.

Cavanagh has led TSS since 2010. The business is a profit center for the bank. He was CFO from 2004 through the start of 2010

Critics of the financial industry have seized upon JPMorgan Chase's recent misadventure to reignite debates over the Volcker Rule, a section of the Dodd-Frank Wall Street Reform and Consumer Protection Act originally proposed by former Federal Reserve Chairman Paul Volcker. Signed into law in 2010, the measure is still being interpreted by U.S. regulatory authorities.

Meanwhile, two other high-ranking JPMorgan Chase employees are expected to join Drew in departing the bank this week, according to the Associated Press' account of an article in the Wall Street Journal. They are an executive in charge of the London desk that made the unsuccessful trades and a managing director on that team, AP reported.

People are lining up to close Chase accounts and there are rumors swirling around that Jamie Dimon's resignation or ouster is imminent:

http://collectionagencyhallofshame.blogspot.com/2012/05/jp-morgan-chase-not-too-big-to-fail.html

Dimon and Bank of America's Brian Moynihan should have a "scumbag of the year" contest. The winner gets a date with Sarah Palin.

I don't blame people for running to withdrawl their money from the bank.

Half the brains at the bank are resigning or taking early retirement. That should be a strong signal of the shaking dealings in the banking industry.

Occupy protesters saw this coming over a year ago.

JPM's trades took place in an offshore subsidiary. The trades would thus be exempt from the Volcker regulations which have been delayed for another two years. Only about 20% of the financial reform regulations have been implemented. Congress has been busy threatening the SEC with funding cuts and passing bills to weaken the reforms.

Lester Wrote:
-------------------------------------------------------
> JPM's trades took place in an offshore subsidiary.
> The trades would thus be exempt from the Volcker
> regulations which have been delayed for another
> two years. Only about 20% of the financial reform
> regulations have been implemented. Congress has
> been busy threatening the SEC with funding cuts
> and passing bills to weaken the reforms.

Congress is a complete embarrassment to this country right now. Nothing is getting accomplished.

Thanks...
Attachments:

Wonder what the golden parachutes are for these dudes?

Duhhh does not surprise me at all

How so?


It was a jew that was fired. All cfo's who are hebrew should be fired.

Guess the percentage of companies who companies failed because the cfo was a jews. Its over 80%!!!!! Thats not antisemitism when eve the math says jews suck!

LOL. It was the CIO who was fired, dumbass.