More Departures at JPMorgan

Bloomberg reports that Zubrow was Chief Risk Officer from November 2007 until January, as bank personnel were evaluating changes to the computer-based mathematical models used to measure the potential for trading losses. The changes, which took effect in mid-January, made risks in the firm’s chief investment office look smaller than they were, fueling losses that reached $5.8bn as of June.

In the meantime, The New York Times reports that Irene Tse — who headed up the North American arm of the chief investment office, the powerful but previously little known unit at the center of the trading mishap — is leaving to start her own hedge fund.

Ms. Tse, meanwhile, joined the bank in early 2011 from hedge fund Duquesne Capital Management to take over as head of the North American trading desk.

And The Wall Street Journal speculates that former JPMorgan investment banking head Jes Staley will probably move on soon. He is thought to have come close to becoming CEO over at Barclays, but came up short over fears that investors might not take too kindly to another investment banker taking the helm.

Finally, Bloomberg reports that JPMorgan's $5.8bn trading loss this year showed that the financial system is getting too complicated for even respected institutions, the president of China’s sovereign-wealth fund said.

'You are creating a system that very few people understand, much less the regulators because the regulators haven’t the incentives like the bankers Gao Xiqing, president of China Investment Corp., said at a lunch hosted by the Economic Club of New York last week. 'As a former regulator I think we do need to slow down a little bit instead of rushing up to all those fancy derivatives'.

JPMorgan’s Zubrow to Retire After Getting New Boss Zames

After Multibillion-Dollar Loss, JPMorgan Continues to Revamp

JPMorgan Loss Proves System Too Complex, China’s Gao Says