J.P. Morgan Board Blames Senior Management for London Loss

Banking, finance, and taxes

Published: January 14, 2013 6:45 am

Last Updated: December 31, 2013 6:43 am

J.P. Morgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon’s problems with a trade in the bank’s London office that cause a $6 billion loss may be about to get worse. His board has nearly finished a report about the debacle that make him look bad. According to Bloomberg:

The final report, which builds on a preliminary analysis released in July, is critical of senior managers including Dimon, 56, former Chief Financial Officer Doug Braunstein, 51, and ex-Chief Investment Officer Ina Drew, 56, for inadequately supervising traders in a U.K. unit that amassed an illiquid position in credit derivatives last year

The report, which isn’t complete, will be presented to the board when it meets tomorrow. The directors will then vote on whether to disclose it when the bank announces fourth-quarter results the following day, said the people, who asked not to be named because the report isn’t yet public.

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