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JPMorgan Chase to release report on losses

Jan. 15, 2013 at 5:17 PM
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NEW YORK, Jan. 15 (UPI) -- The board of JPMorgan Chase plans to release an in-house report on how it lost $6.2 billion on trades in 2012, sources told The New York Times.

The report, which is slightly more than 50 pages long, was compiled by the bank's former Chief Financial Officer Mike Cavanagh.

Some of the repercussions of the stunning loss are already known. Eight senior executives have left the bank in wake of the debacle. On Tuesday, while electing to release the report, the bank's board had on its agenda how to handle Chief Executive Officer Jamie Dimon's bonus pay for 2012, which could be trimmed by as much as 20 percent, the Times said.

In 2011, Dimon made $23.1 million in a compensation package that included $4.5 million in a cash bonus.

He was the highest paid bank chief executive officer among the top six largest U.S. banks that year.

The in-house report concerns bets made by a derivatives trading office that has a branch in New York and one in London. It is expected to lay some of the blame on former Chief Financial Officer Douglas Braunstein for not keeping close enough tabs on the London office, which incurred the losses.

Sources close to the discussion told the Times that some on the board argued the report could be used by plaintiffs in legal cases against the bank. Dimon, however, encouraged the board to release the report, the Times said.

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