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JPMorgan Loss Shows Need for Banking Reform, Carney Says
White House press secretary Jay Carney said today it’s “amazing” there are “still those who are out there arguing that we should repeal Wall Street reform” after JPMorgan Chase & Co. (JPM)’s $2 billion trading loss.
“This is strong evidence that having these rules of the road in place are essential to making sure that taxpayers don’t get left holding the bag,” Carney told reporters on Air Force One as President Barack Obama traveled to New York City, where he will deliver the commencement speech at Barnard College and attend two fundraisers. “We have to remain ever vigilant.”
JPMorgan’s Chief Executive Officer Jamie Dimon, 56, announced the loss May 10 and has criticized his company’s handling of trading in synthetic credit securities as “flawed, complex, poorly reviewed, poorly executed and poorly monitored.”
JPMorgan today said Chief Investment Officer Ina Drew will retire after the firm suffered the $2 billion trading loss, marking the downfall of one of the highest-ranking women on Wall Street.
Matt Zames, the 41-year-old head of global fixed income in the investment bank, will succeed Drew, New York-based JPMorgan said in a statement. The entire London staff of the bank’s chief investment office, where the loss occurred, is at risk of dismissal, a person familiar with the situation said.
“It is amazing that there are still those who are out there arguing we should repeal Wall Street reform, that we should let Wall Street write their own rules again,” Carney said.
To contact the reporter on this story: Kate Andersen Brower in Washington at Kandersen7@bloomberg.net;
To contact the editor responsible for this story: Steven Komarow at email@example.com