JPMorgan (JPM) Remains Steadfast as Senate Committee Looks to Delve Deeper into CIO Losses; Names New CIO
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JPMorgan (NYSE: JPM) shares are still higher on the session amid of a bit of mixed news Thursday.
Reports have a U.S. Senate panel led by Carl Levin looking to probe the bank further following CIO trading losses, which were originally disclosed in May during a surprise conference call.
According to Bloomberg, Levin's Senate Subcommittee is looking for testimony from JPMorgan employees who worked in or helped its chief investment office. No comment was issued from Levin's office and JPMorgan has said it will continue to work with regulators and government officials with whatever requests they may have.
Year-to-date, its said that the CIO unit has racked-up about $5.8 billion in losses from complex bets on ctedit derivatives, which will take months, if not years, to unwind.
In other news, JPMorgan named Craig Delany as its new Chief Investment Officer. Delany, who worked in mortgage banking over the last year-and-a-half, will now report to JPMorgan's co-Chief Operating Officer Matt Zames.
Amid the appointment, Delany will still mange mortgage-servicing rights as part of its broader role.
Shares of JPMorgan are 4 percent higher on the session, flat since headlines crossed at 12:40pm EDT.
Reports have a U.S. Senate panel led by Carl Levin looking to probe the bank further following CIO trading losses, which were originally disclosed in May during a surprise conference call.
According to Bloomberg, Levin's Senate Subcommittee is looking for testimony from JPMorgan employees who worked in or helped its chief investment office. No comment was issued from Levin's office and JPMorgan has said it will continue to work with regulators and government officials with whatever requests they may have.
Year-to-date, its said that the CIO unit has racked-up about $5.8 billion in losses from complex bets on ctedit derivatives, which will take months, if not years, to unwind.
In other news, JPMorgan named Craig Delany as its new Chief Investment Officer. Delany, who worked in mortgage banking over the last year-and-a-half, will now report to JPMorgan's co-Chief Operating Officer Matt Zames.
Amid the appointment, Delany will still mange mortgage-servicing rights as part of its broader role.
Shares of JPMorgan are 4 percent higher on the session, flat since headlines crossed at 12:40pm EDT.
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