Risk tsar to retire from JPMorgan at year-end
Source: Reuters
Barry Zubrow, who was head of risk management at JPMorgan Chase & Co. when the bank was building a dangerously large position in credit derivatives, is retiring.
Zubrow, 59, will leave the company at the end of the year, according to an internal memo from CEO Jamie Dimon, which the bank released Friday. Zubrow's job had changed in January to head of corporate and regulatory affairs from chief risk officer. In May, the company first disclosed losses on the derivatives that as of July totaled $5.8 billion.
Zubrow said in his own memo to colleagues that he will retire from banking and continue "my work in educational, governmental and other not-for-profit organizations." He began talking to Dimon 18 months ago about retiring by the time he turns 60 in February, according to a person familiar with his plans who did not want to be named.
The memos made no reference to Zubrow's specific work on risk at the company. Dimon said Zubrow, who was a member of the company's elite operating committee for five years, "has been a valued partner and a generous mentor."
Zubrow had become a leader in JPMorgan's push against proposed new regulations on financial institutions after he became head of regulatory affairs.
Read more: http://www.chicagotribune.com/business/breaking/chi-risk-tsar-to-retire-from-jpmorgan-at-yearend-20121005,0,4782431.story
Sounds like the fall guy to me. He's going take the hit.
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