{"id":5311,"date":"2012-05-19T00:00:00","date_gmt":"2012-05-19T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/05\/jpmorgan_chase_had_no_treasure_1"},"modified":"2022-04-28T12:53:16","modified_gmt":"2022-04-28T17:53:16","slug":"jpmorgan-chase-had-no-treasure-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-had-no-treasure-1\/","title":{"rendered":"JPMorgan Chase Had No Treasurer When Chief Investment Office Made Trades Resulting In More than $2B Loss, Reports WSJ"},"content":{"rendered":"\n

According to the Wall Street Journal, during five of the months when JPMorgan Chase<\/a>\u2019s (JPM) Chief Investment Office made the trades that has led to over $2 billion in losses, the financial firm lacked a treasurer. Also, the executive appointed to head up department\u2019s risk management might not have had the necessary experience to do the job. A few ex- and current employees of the financial firm have alluded to poor decisions in staffing as a reason that bad positions were allowed to go unchecked.<\/p>\n

Apparently, until the appointment of Sandie O\u2019Connor as treasurer was announced in March, the last person to hold that position was Joseph Bonocore. He left the financial firm in October 2011, which was before trading losses soared. Prior to leaving, he expressed general worries about risks that were being made by the JPMorgan\u2019s London office, which is where many of the questionable trades originated. (He also had previously served as the investment unit\u2019s chief financial officer for about 11 years.) Now, questions are being raised by those on the outside as to how a bank as big as JPMorgan could go so long without a treasurer.<\/p>\n

As for its chief risk officer, Irving Goldman, he is related by marriage to JPMorgan executive Barry Zubrow. Goldman was moved into the post this February, one month after Zubrow was made the bank\u2019s chief of corporate regulatory affairs. Goldman\u2019s background in trading is extensive. He previously worked for Salomon Brothers, Credit Suisse First Boston, and Cantor Fitzgerald (CANTRP), where he also was president of its asset management and debt capital markets divisions. A JPMorgan spokesperson defended Goldman\u2019s professional background, saying it wasn\u2019t uncommon for a risk manager to be heavy on trading experience.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to the Wall Street Journal, during five of the months when JPMorgan Chase\u2019s (JPM) Chief Investment Office made the trades that has led to over $2 billion in losses, the financial firm lacked a treasurer. Also, the executive appointed to head up department\u2019s risk management might not have had the necessary experience to do […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3958],"tags":[],"class_list":["post-5311","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase"],"yoast_head":"\nJPMorgan Chase Had No Treasurer When Chief Investment Office Made Trades Resulting In More than $2B Loss, Reports WSJ — Investor Lawyers Blog — May 19, 2012<\/title>\n<meta name=\"description\" content=\"According to the Wall Street Journal, during five of the months when JPMorgan Chase\u2019s (JPM) Chief Investment Office made the trades that has led to over — May 19, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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