JP Morgan dumping staff??

[malaise]

http://www.guardian.co.uk/business/2012/jul/13/jp-morgan-trader-london-whale-bruno-iksil
<snip>
The "London Whale" at the centre of the huge trading losses at JP Morgan – trader Bruno Iksil – is said to have left the London arm of the US bank.

The trading activities of Iksil, in the little known "chief investment office", are expected to be the subject of a lengthy decision later on Friday when the bank's chief executive, Jamie Dimon, presents the bank's second-quarter results.

Sources said that as well as Iksil, two others had left the bank: Achilles Macris and Javier Martin-Artajo. The Wall Street Journal, which also reported their departures, said that the losses the three had incurred would knock $5bn (£3.2bn) off second-quarter earnings.

Their departures follow the resignation of New York-based Ina Drew, who ran the chief investment office, which was headquartered in London and intended to hedge – or insure – the risks the bank was running. Its main focus was on credit risk and Iksil was involved in finding ways to protect the bank against this.

[dipsydoodle]

1. JPMorgan’s $4.4 Billion CIO Loss Drives Profit Down 9 Percent

PMorgan Chase & Co. (JPM), the largest U.S. bank, reported a $4.4 billion trading loss in its chief investment office, bigger than analysts estimated, that helped drive second-quarter profit down 9 percent.

Net income fell to $4.96 billion, or $1.21 a share, from $5.43 billion, or $1.27, in the same period a year earlier, the New York-based company said today in a statement. Six analysts surveyed by Bloomberg estimated the CIO trading loss at $4 billion. The company also restated first-quarter earnings, reducing net income by $459 million. Second-quarter net income excluding the effect of accounting adjustments was $1.09 a share

PMorgan Chase & Co. (JPM), the largest U.S. bank, reported a $4.4 billion trading loss in its chief investment office, bigger than analysts estimated, that helped drive second-quarter profit down 9 percent.

Net income fell to $4.96 billion, or $1.21 a share, from $5.43 billion, or $1.27, in the same period a year earlier, the New York-based company said today in a statement. Six analysts surveyed by Bloomberg estimated the CIO trading loss at $4 billion. The company also restated first-quarter earnings, reducing net income by $459 million. Second-quarter net income excluding the effect of accounting adjustments was $1.09 a share.

http://www.bloomberg.com/news/2012-07-13/jpmorgan-s-4-4-billion-cio-loss-drives-profit-down-9-percent.html

[malaise]

2. Oops!

[badtoworse]

3. No surprise here

[marmar]

4. Now if we could only dump JP Morgan and the rest of these megabanksters into history's dustbin.....

nt