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JPMorgan Chase senior executives resign
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Three top executives at JPMorgan Chase & Co., the largest bank in the US by assets and market capitalization, resign following $2 billion of losses made at a small trading unit in London.
The head of JPMorgan, Jamie Dimon, earlier dismissed concerns about trading at the bank, which proved to be "dead wrong' , as he stated.
"We made a terrible, egregious mistake. There's almost no excuse for it", Dimon said.
On May 11, the shares of the bank fell by 10 percent, lowering the value of the company by $14 billion.
Among the resigning executives should be one of the bank's longest-standing and best-paid executives, chief investment officer Ina Drew, whose resignation had been repeatedly rejected by Dimon in the past months.
Achilles Macris, head of the loss-making London trade unit, and Javier Martin-Artajo, a member of the desk, are also expected to submit their resignation.
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MoreLatest date: Friday 18 May 2012
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