As you might expect, none of the resignations this week are likely to include failed CEO Jamie Dimon. The biggest name in the resignations this week is Ina Drew, the "trader at heart" who was managing risk for JPMorgan. Whoever thought hiring a "trader" to manage a growing and now large risk team ought to be sent packing this week, but that's not likely to happen. CNBC:
According to the report, the departures involve three of the highest-ranking executives with direct connections to the losses, these people say.There has to come a time though when investors realize that Dimon's big mouth will cost the bank even more money so he may also be on borrowed time. He's not there yet and for the moment, there are plenty of fools (including the retired GE CEO Jack Welch who squeezed GE for a lavish retirement plan) who lapped up Dimon's TV appearance yesterday. As more losses emerge - and they almost certainly will be coming - Dimon's PR offensive will not be enough to save his job.
Separately, the Financial Times reported, also citing unnamed people familiar with the matter, that JPMorgan Chase is investigating whether London-based traders hid the extent of losses on credit derivatives positions. The paper also reported resignations were expected within the next 24 hours.
The Wall Street Journal listed those leaving as: Ina Drew, who since 2005 has run the risk-management unit that is responsible for the losses; Achilles Macris, who is in charge of the London-based desk that placed the trades; and trader Javier Martin-Artajo, a managing director on Mr. Macris's team.