UPDATE 1-JPMorgan grabs compensation from dismissed traders

By Jed Horowitz

NEW YORK, July 13 (Reuters) - JPMorgan Chase & Co said it has dismissed without severance pay or 2012 bonuses the three managers in its London office it holds responsible for its nearly $6 billion trading loss, and has decided to "claw back" some of their earlier pay.

All managers in the chief investment office with responsibility for the losses have been "separated from the firm," Michael Cavanagh, who headed an investigation of the office, told analysts on Friday. The clawbacks will differ in each case, he said, but the maximum equates to approximately two years of total annual compensation, including restricted stock and stock options.

Cavanagh declined to name the officials.

A source told Reuters earlier on Friday that Bruno Iksil, the trader known as the "London Whale," has left the bank. Achilles Macris, head of the chief investment office in Europe where the losses occurred and his colleague, Martin Javier-Artajo, have also departed, reports said.

The company said Friday afternoon that Irvin Goldman, who ran risk management for the global investment office since February, also has resigned. Goldman, whose brother-in-law Barry Zubrow heads the bank's corporate and regulatory affairs unit, was replaced as the CIO's chief risk officer in May.

Goldman "behaved with integrity and we wish him well," JPMorgan said in a statement.

The biggest U.S bank in May accepted the early retirement of Ina Drew, who headed the overall Chief Investment Office and worked for the bank for more than 20 years. Cavanagh and Chief Executive Officer Jamie Dimon offered testimonials on Friday to Drew's talents and integrity, saying she volunteered to leave and to repay the maximum clawback amount. In 2010 and 2011 she was awarded $31.5 million, according to regulatory filings.

"I got several letters from former chairmen who talked about her contribution," Dimon said. "One even said she saved the company. She has acted with integrity and tried to do what was right for the company at all times, even though she was part of this mistake."

Cavanagh said 2012 compensation and clawbacks for other Chase employees, including Dimon, will be based in part on their "involvement in and responsibility for" the CIO matter. Chase's 2011 annual report said its CEO is responsible for establishing the bank's overall risk management policies.