Shake-up to continue at JPMorgan, report says
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Another executive at JPMorgan Chase & Co. is expected to leave his post in the wake of the bank’s multibillion-dollar trading loss, the Wall Street Journal reports.
Barry Zubrow is expected to step aside as head of the bank’s corporate and regulatory affairs by the end of the year, The Journal reported, citing anonymous sources.
Zubrow had previously worked as JPMorgan’s chief risk officer. As head of regulatory affairs, for example, Zubrow authored the bank’s comment letter on the so-called Volcker Rule, a key part of the Dodd-Frank financial reform that, when implemented, would sharply restrict the extent to which banks could trade with their own funds.
JPMorgan lost at least $5.8 billion in May from complicated derivatives bets. The episode revived debates stemming from the financial crisis, and brought scrutiny upon JPMorgan, which had survived the crisis relatively unscathed.
The first executive casualty of JPMorgan’s trading loss was Ina Drew, who headed the unit responsible for the wrong-way trades. She retired in May.
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