2012-05-14 17:51:14

JPMorgan Chase Ousts 3 Execs Over $2B Loss

Three executives at the financial giant JPMorgan Chase have resigned over risky derivatives trading that cost the bank at least $2 billion. The ousted executives include Ina Drew, the head of risk-management at JPMorgan and the banks chief investment officer. The loss has renewed calls for tougher regulation of Wall Street, with critics saying JPMorgan would have avoided the loss under regulations that it successfully opposed. JPMorgan was among a number of large banks to lobby against the Volcker rule, which would prevent banks from certain kinds of risky trading.

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