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JPMorgan Names Armine Head of Compliance to Replace Gallo

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Jan. 24 (Bloomberg) -- JPMorgan Chase & Co., the lender that lost more than $6.2 billion last year from wrong-way bets on credit derivatives, named Cindy Armine as chief compliance officer.

Armine will replace Martha Gallo, according to New York-based JPMorgan.

Armine joined the firm in May 2011 as chief control officer of home lending after 31 years at Citigroup Inc., where she was chief compliance officer. Armine was hired, in part, to oversee a consent agreement reached with U.S. regulators in April over foreclosure practices. The accord was signed by 13 other banks.

JPMorgan, in a 129-page report detailing its biggest ever trading loss, said employees were overwhelmed by the complexity of their bets, risk managers were ill-equipped and leaders including Chief Executive Officer Jamie Dimon weren’t aggressive enough in responding. The report was issued Jan. 16, the same day the bank posted a $5.69 billion fourth-quarter profit.

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

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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