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Banking, finance, and taxes

J.P. Morgan Firing The London Whale

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By Jon C. Ogg Updated Published
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J.P. Morgan Chase & Co. (NYSE: JPM) has already sent its long-time Chief Investment Officer named Ina Drew packing after the $2 billion loss that surfaced last week.  The damage to J.P. Morgan’s reputation has been extensive, but the bank is still expected to make something to the tune of $20 billion this year.  Now it is the trader, the notorious London Whale named Bruno Iksil, who is “leaving” the bank.

DealBook of the New York Times has reported the news and it cited current and former colleagues as saying the timing of this departure is not known.

  • UPDATE 1:52 PM EST: CNBC reported that J.P. Morgan’s comment is that Iksil is still employed at the firm.

Today’s news should really not be a shock. Jamie Dimon survived efforts to split his office of the Chairman and CEO, but the damage to Jamie Dimon is that now politicians and the critics sitting back afar on Main Street think much less of him.

Other departures are cited in the Times around this issue and chances are high that either more firings are coming or are already in the works.

If J.P. Morgan can have stupid oversight procedures and poor risk management, then what does it say for the other participants?

J.P. Morgan shares are down 0.3% at $36.10 against a 52-week range of $27.85 to $46.49.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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