Mr. Dimon has described the trades as “sloppy” and “stupid,” but has not identified the specific mistakes. The trading loss, initially estimated at $2 billion but now said to equal at least $3 billion, is the most embarrassing misstep of Mr. Dimon’s seven-year tenure, and it has also strengthened the hand of regulators in Washington who are in the final stages of writing rules that could reshape the banking industry. In his radio address on Saturday,President Obama urged tighter restrictions on banks’ trading activity.
JPMorgan and Ms. Drew declined to comment. Mr. Dimon is due to make a presentation Monday at an investor conference in Manhattan sponsored by Deutsche Bank . While JPMorgan’s stock has suffered since the disclosure of the loss, the bank’s overall health remains strong, and the company is expected to post a significant profit in the second quarter.
Ms. Drew, 55,resigned as chief investment officer last week. In 2011, she earned roughly $14 million, making her the bank’s fourth-highest-paid officer.Page 2 of 8 | Prev Page | Next Page