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View Count: 84 |  Publish Date: January 12, 2013
JPMorgan Said to Weigh Releasing Report Faulting Dimon on Trades
By Dawn Kopecki - 2013-01-12T16:30:23Z
JPMorgan Chase & Co. (JPM)’s board willconsider releasing an internal report next week that faultsChief Executive Officer Jamie Dimon’s oversight of a divisionthat lost more than $6.2 billion on botched trades, according toa person with direct knowledge of the matter.
The findings are critical of Dimon, 56, former ChiefFinancial Officer Doug Braunstein, 51, former Chief InvestmentOfficer Ina Drew and others for inadequately supervising tradersin a U.K. unit that built up a large and illiquid position incredit derivatives last year, the person said.
The report, which isn’t yet finished, will be presented tothe board when it meets on Jan. 15. The directors will then voteon whether to release it to the public when the bank announcesfourth-quarter earnings the following day, the person said,asking not to be named because the report is not yet public.
Joe Evangelisti, a spokesman for the New York-based bank,declined to comment on the report’s findings.
U.K. regulatory authorities have asked the bank to keep thereport private until they can ensure it adheres to Europeanprivacy laws that protect individuals, the person said. Thereport describes executives at JPMorgan and their role in theloss.
The Wall Street Journal reported earlier today thatfindings have been reached and that Dimon’s bonus will be cut.Dimon said in July that the board would consider the trades whensetting his compensation.
To contact the reporter on this story:Dawn Kopecki in New York at dkopecki@bloomberg.net
To contact the editor responsible for this story:David Scheer at dscheer@bloomberg.net

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Time: 19:16  |  News Code: 74386  |  Site: bloomberg
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