The "Fail-Whale" Fallout Begins: Three JPM Execs ID To Leave This Week

From the WSJ:

Three high-ranking officers are expected to leave J.P. Morgan Chase & Co. this week, said people familiar with the situation, in the latest fallout from a trading blunder that has cost the bank at least $2 billion.

Those leaving are Ina Drew, who since 2005 has run the risk-management unit that is responsible for the losses; Achilles Macris, who is in charge of the London-based desk that placed the trades; and trader Javier Martin-Artajo, a managing director on Mr. Macris’ team, the people said.

Ms. Drew has offered to resign multiple times and that request will likely be accepted this week, these people said. She is expected to leave as soon as Monday, the people said.

Trader Bruno Michel Iksil, nicknamed the "London Whale" for the big positions he took in credit markets on behalf of the risk-management unit called the chief investment office, is likely to depart as well, but it isn't yet clear when that will happen, said people familiar with the situation. Mr. Macris, Mr. Martin-Artajo and Mr. Iksil have all been stripped of trading responsibilities, added one of these people. All four executives declined comment through the company.

Ms. Drew initially tried to downplay the issues when the positions came to light in April, said people familiar with the situation, but once the scope of the losses became apparent she offered to resign, said people familiar with the situation.