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JPMorgan Names Bacon Deputy Risk Chief After $2 Billion Loss

JPMorgan Chase & Co. (JPM) named Ashley Bacon deputy chief risk officer as the firm overhauls risk management following a $2 billion trading loss in its chief investment office.

Bacon will retain his role as head of firmwide market risk, according to a memo today to employees from Chief Risk Officer John Hogan. Bacon has been helping the New York-based company unwind the money-losing positions.

Stephen Eichenberger was appointed wholesale chief credit officer, in addition to his role as chief credit officer for the investment bank, the memo shows. Sam Ramsey will take an expanded role overseeing risks for all consumer businesses. Marge Hannum will head consumer practices for cards.

To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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