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Three JPM Execs To Leave Prop-Trading, Pardon, Hedging Bank
In a development that would make Dostoevsky turn in his grave, we learn that the first three casualites of Fail-Whalegate have been identified. From the WSJ: Three high-ranking officers are expected to leave J.P. Morgan Chase & Co. this week, said people familiar with the situation, in the latest fallout from a trading blunder that has cost the bank at least $2 billion. Those leaving are 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 ... (full story)
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