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JPMorgan Folds London Whale Office Into Another Unit
2014-04-04 09:51:29

The chief investment office will be folded into the New York-based bank’s Treasury unit, Chief Operating Officer Matt Zames said in an internal memo obtained yesterday by Bloomberg News. Craig Delany will lead the new group as global chief investment officer and treasurer, Zames said.

The moves are part of the bank’s “efforts to strengthen and streamline our infrastructure, processes and controls,” Zames said in the memo dated March 31. Brian Marchiony, a spokesman for the bank, confirmed the contents of the memo.

A trader nicknamed the London Whale because of the size of his positions accumulated the $6.2 billion loss in 2012. The episode led to criminal charges against two of his former colleagues, management changes and more scrutiny from regulators.

The Financial Times reported on JPMorgan’s moves yesterday.

Treasurer Sandie O’Connor was named chief regulatory affairs officer, succeeding Tim Ryan who becomes vice chairman of regulatory affairs, Zames said.

To contact the reporter on this story: Hugh Son in New York at

Photographer: Scott Eells/Bloomberg

JPMorgan Chase & Co. signage is displayed outside the company's headquarters in New York.

To contact the editors responsible for this story: Peter Eichenbaum at Dan Reichl

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