Two top executives at JPMorgan Chase are expected to leave their positions by the end of 2012 as part of the management reshuffling following the firm’s notorious multibillion-dollar trading loss.
The New York Times reports that Irene Tse, who headed up the North American arm of the chief investment office which was at the center of the trading snafu, is leaving to start her own hedge fund.
The Times also noted that Barry Zubrow, who was the chief risk officer at the bank from 2007 to January 2012 and is now head of regulatory affairs, is expected to leave by January, according to several sources.
Earlier this year, JP Morgan appointed a new head of the chief investment unit to succeed Ina Drew, following her departure on the shoulders of the bank’s massive trading loss. Several executives, including Mike Cavanagh and Daniel Pinto, were promoted to head up a united corporate and investment bank. The NYT reports that Cavanagh is leading the cleanup operation.
The Times notes that few of the executives who made up chief executive Jamie Dimon’s inner circle during the financial crisis, including Bill Winters, Steve Black and Heidi Miller, remain at the bank.