JPMorgan workout executive leaves after CIO turmoil
NEW YORK, March 28
NEW YORK, March 28 (Reuters) - JPMorgan Chase & Co executive Norma Curio, who oversaw a group that managed stakes in troubled companies for the company's Chief Investment Office (CIO), is leaving the bank, according to a person familiar with the matter.
Curio, who was known for her experience with distressed investments, is the latest senior executive to leave JPMorgan since another group within the CIO lost $6.2 billion on the so-called "London Whale" derivatives trades.
Curio had nothing to do with the London Whale trades, the source said. But after losses, the activities of the once largely-autonomous CIO were drastically scaled back and its chief executive was replaced.
The trades are known for the London Whale nickname that hedge funds gave to former JPMorgan trader Bruno Iksil because of the size of the positions he took.
- Malaysian plane still missing; questions over false IDs |
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Warning shots fired to turn monitors back from Crimea |
- Malaysian plane crashed off Vietnam coast: state media