The chief investment office of JP Morgan in London, which last week made the headlines for losing $2 billion in trades, could be in danger of closing, its entire staff dismissed.
Bloomberg reported Monday that the first resignations could come this week as investigations continue into whether the office may have taken action to hide risks. An unnamed source said that so far there is no evidence that such is the case, but the resignation of Ina Drew, who ran the office from New York, was expected to be accepted shortly. Jamie Dimon, CEO of the bank, at first resisted accepting her resignation.
The report cited a Wall Street Journal article that said Drew would leave, as would Achilles Macris, who ran the trading team, and Javier Martin-Artajo, a trader on his team. Reuters said the latter two would be asked for their resignations. A Business Insider report Monday also said that the two have been stripped of their trading responsibilities, along with Bruno Iksil—the so-called “London Whale,” also known as Voldemort, for the massive size of his trades. Iksil may also be asked to leave, although at present, the report says, that is not definite. The office employs a few dozen people.