Another exec 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, anonymous sources reported. 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.
In case you forgot 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. .
Want to know more? Turn to http://www.chicagotribune.com/business/breaking/la-fi-mo-shakeup-continues-jpmorgan-20121005,0,874962.story
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