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JPMorgan senior executives ‘to resign’

Jamie Dimon said there was "no excuse" for the bank's mistake

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executives at JPMorgan Chase are expected to resign this week following $2bn (£1.2bn) of losses at the

bank’s London trading desk, reports suggest. They include chief investment officer Ina Drew, the New

York Times said. Two other high-ranking executives are also set to leave, according to US

media.

Jamie Dimon

said there was "no excuse" for the bank's mistake

On

Sunday, JPMorgan boss Jamie Dimon said he was “dead wrong” to dismiss concerns about trading at the

bank.

Mr Dimon had previously rejected Ms Drew’s resignation, the reports said.

Ms Drew,

one of the bank’s longest-standing and best-paid executives, had offered to resign a number of times

since the extent of the losses became known, they added.

They were revealed in a statement on

Thursday night. JPMorgan shares fell by almost 10% on Friday, wiping $14bn off the company’s

value.

Further resignations

Speaking on NBC’s Meet the Press on Sunday, Mr Dimon said:

“We made a terrible, egregious mistake. There’s almost no excuse for it.”

He said he did not

know the full extent of the problem in April, when he described the concerns as a “tempest in a

teapot”.

The losses were made at a small trading unit in London. Reports suggest that Achilles

Macris, head of the unit, and Javier Martin-Artajo, a member of the desk, could both resign along with

Ms Drew.

The trading loss was revealed in

a regulatory filing, and will dent the company’s profits, although it still expects to make about

$4bn this quarter.