Lee Raymond Leads JPMorgan Probe Into $6B Trading Loss

Law360, New York (August 20, 2012, 5:53 PM EDT) -- JPMorgan Chase & Co. revealed Monday that former Exxon Mobil Corp. CEO Lee Raymond, a member of its board of directors, has been picked to lead a probe by company directors into a $5.8 billion loss at its London-based chief investment office.

The huge hit is being attributed to risky credit derivative positions taken by a trader who has been called "the London Whale." The U.S. Congress, the U.S. Department of Justice and the U.S. Securities and Exchange Commission are among the numerous entities looking into...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.