Ex-JPMorgan Exec: Oversight Was Undermined
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WASHINGTON (AP) — A former top executive for JPMorgan Chase is blaming last year’s $6.2 billion trading loss on other executives at the firm, saying they failed to control risk out of the London office and hampered her abilities to prevent the losses.
Ina Drew, the firm’s former chief investment officer overseeing trading strategy, says in prepared testimony that her oversight of trading was “undermined” by other executives at the firm. The comments to the Senate Permanent Subcommittee on Investigations were Drew’s first since she resigned last spring after the trading loss came to light.
The hearing occurred a day after the Senate panel issued a report that ascribed widespread blame to key executives at the firm. The report said they ignored growing risks and hid losses from investors and federal regulators.
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