JPMorgan Chase & Co (JPM: 36.98, -0.12, -0.32%) has
picked Lee Raymond, ex-chief executive of oil major Exxon Mobil Corp (XOM:
88.40, -0.27, -0.30%), to head an inquiry into losses in a credit derivative
portfolio run by its London-based Chief Investment Office (CIO), the Wall
Street Journal reported.
The company also appointed William Weldon - chairman of
Johnson & Johnson - and real estate developer Laban Jackson to the inquiry
panel, the business daily said, citing people close to the probe.
Raymond, 73, was chief executive and chairman of Exxon from
1993 to 2005 and was already an independent director of the bank, among other
positions. The panel, which will double-check the previous findings of
management and will interview company employees where necessary, is not
expected to complete its review until late fall or early winter, the sources
said...
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