Jan 25 The chief risk officer of JPMorgan Chase
& Co, John Hogan, is taking a leave of absence until
early summer to spend time with his family after grappling with
the fallout from the company's "London Whale" trading debacle
for much of the past year.
Hogan, 46, announced his action in a memo sent on Friday to
employees in his department and reviewed by Reuters.
"I'm looking forward to taking this time off to spend with
my family and friends," Hogan wrote, adding that he had
discussed the possibility of a leave with CEO Jamie Dimon and
other members of the company's operating committee "over the
past few months."
Hogan's father died in November after a long illness,
according to a person close to the bank.
Hogan said that Ashley Bacon, deputy chief risk officer,
will lead the risk management group and report to Dimon until he
Hogan was promoted to his post in January 2012 and was just
becoming acquainted with the operations of the company's Chief
Investment Office when trading losses there began to mushroom,
according a 129-page investigative report released by the
company on Jan. 16.
Before that job, Hogan had been chief risk officer of the
company's investment bank since 2006.
In recent months, Hogan has worked on the overhaul of the
company's risk management systems, which have come under the
scrutiny of the company's directors and regulators.
JPMorgan lost $6.2 billion on the derivatives trades, which
are known by the nickname, "London Whale," which hedge funds
gave to the trader who made them because they were so big.