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JPMorgan’s Zubrow to Retire in Wake of CIO’s Trading Loss

JPMorgan’s Zubrow to Retire After Getting New Boss Zames
Barry Zubrow was chief risk officer at JPMorgan Chase & Co. 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. Photographer: Andrew Harrer/Bloomberg

Oct. 5 (Bloomberg) -- JPMorgan Chase & Co.’s Barry Zubrow, who oversaw risk management while the bank amassed credit-derivative bets that led to a multibillion-dollar trading loss, will retire at the end of this year.

“Now is the right time in my life” to retire, Zubrow, 59, wrote to colleagues in a note today. “We have learned from the mistakes of our recent trading losses.” The contents of the note were confirmed by Joe Evangelisti, a spokesman for the New York-based bank.

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 $5.8 billion as of June.

Since January, Zubrow was head of corporate and regulatory affairs, where he lobbied the Federal Reserve and other regulators for looser controls on proprietary traders in the CIO.

In a management shuffle in July, JPMorgan Chief Executive Officer Jamie Dimon moved Zubrow from reporting directly to him to reporting to 41-year-old Matt Zames, who was promoted to co-chief operating officer.

‘Thoughtful Counsel’

Dimon said in a separate memo to staff today that he had benefited from Zubrow’s “thoughtful counsel and analysis.”

Zubrow, a former Goldman Sachs Group Inc. executive who was hired by Dimon in 2007, also was the brother-in-law of Irv Goldman, who was appointed chief risk officer of the chief investment office in February. Goldman, 52, had been fired in 2007 by Cantor Fitzgerald LP for money-losing bets that led to a regulatory sanction of that firm, Bloomberg News reported on May 20.

It was during Goldman’s watch that Bruno Iksil, a CIO trader in London, put on the trades that Dimon later called “egregious.” Less than a week after the loss became public, the bank stripped Goldman of those duties.

While the losses mostly occurred this year, the trades that went wrong were designed to hedge other positions built up in 2011, according to Michael Cavanagh, a senior executive at the bank who led an internal inquiry into the cause of the losses.

Ina Drew, who was the bank’s chief investment officer, resigned in May after the losses were disclosed.

Zubrow’s retirement was previously reported by the Wall Street Journal.

To contact the reporters on this story: Dawn Kopecki in New York at; Bradley Keoun in New York at

To contact the editor responsible for this story: David Scheer at

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