Three high-ranking people are expected to leave J.P. Morgan Chase & Co. this week, said people familiar with the situation, in the latest fallout from a trading blunder that has cost the bank at least $2 billion.
The departures involve three of the highest-ranking executives with direct connections to the losses, according to the people familiar. Those leaving are Ina Drew, who since 2005 has run the risk-management unit that is responsible for the losses; Achilles Macris, who is in charge of the London-based desk that placed the trades; and trader Javier Martin-Artajo, a managing director on Mr. Macris' team, the people said.
Ms. Drew has offered to resign multiple times and that request will likely be accepted this week, these people said. She is expected to leave as soon as Monday, the people said.
Trader Bruno Michel Iksil, nicknamed the "London Whale" for the big positions he took in credit markets on behalf of the risk-management unit called the chief investment office, is likely to depart as well, but it isn't yet clear when that will happen, said people familiar with the situation. Mr. Macris, Mr. Martin-Artajo and Mr. Iksil have all been stripped of trading responsibilities, added one of these people. All four executives declined comment through the company.
The departures come as Chief Executive Officer James Dimon struggles to contain damage from the losses, which the nation's largest bank by assets disclosed late Thursday in a twist that stunned Wall Street. The disclosure of the trading missteps last week sent J.P. Morgan shares tumbling 9% in trading Friday, costing $14 billion in market capitalization.
The hottest stories ripped from the headlines, from crime to courts, legal and scandal.
