Consumer banking

JPMorgan Board Votes to Release London Whale Report

By Chris Cumming January 15, 2013, 2:21 p.m. EST 1 Min Read

The full story on JPMorgan Chase's (JPM) London Whale fiasco may soon be coming to light.

The bank's board voted Tuesday to release its internal report on the missteps that led to the $6 billion trading loss, according to a report in the New York Times' Dealbook. The report is said to criticize the bank's risk controls and the lax oversight of several top executives, including former Chief Financial Officer Douglas Braunstein, the Times reports.

JPMorgan Chase's board met today to review the report and to decide whether to reduce the bonuses of Braunstein and Chief Executive Jamie Dimon. Dimon has pushed for the report to be released, the Times reported. He called the trade a "stupid error" last October.

The internal report stems from an investigation headed by former JPMorgan Chase CFO Michael Cavanagh, who was named co-CEO of the corporate and investment bank in the executive reshuffling that followed the trading losses.

JPMorgan Chase is set to release its earnings on Wednesday. Dealbook did not say when the board will release the report. A JPMorgan Chase spokesman was not immediately available for comment.

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Consumer banking

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