London Whale Senate Report Said To Point Finger At JPMorgan Higher-Ups

Beached Whale

While a trader known as the 'London whale' has come to represent a multibillion-dollar blowup at JPMorgan Chase, Congressional investigators have discovered that the problems involved more senior employees at the firm.

The New York Times reports that a report by the Senate Permanent Subcommittee on Investigations highlights flaws in the bank’s public disclosures and takes aim at several executives, including Douglas Braunstein, who was chief financial officer at the time of the losses, according to people briefed on the inquiry.

The report’s findings - scheduled to be released on March 15 - are expected to fault the executives for allowing JPMorgan to build the bets without fully warning regulators and investors, these people said.

The subcommittee, led by Senator Carl Levin, could ask Braunstein and other senior executives to testify at a hearing this month, according to the people. The subcommittee does not currently intend to call the bank’s chief executive, Jamie Dimon, but Congressional investigators interviewed Dimon last year.

Hit the link below to access the complete New York Times article:

Senate Report Said to Fault JPMorgan

Standard Chartered’s Profit Rises Despite U.S. Fine

False Modesty in Decline in European Bank Bonuses

image: © brydeb

Best place to workThe Best Firm of the Last Decade is...

Register for Financial Markets News Alerts