J.P. Morgan Chase & Co (JPM: Quote) board is expected to shake up its risk-policy committee in the wake of more than $2 billion in trading losses, the Wall Street Journal reported, citing people familiar with the matter. It isn't clear whether any of the current risk-committee members will leave the panel.
The board is expected to add Directors Timothy Flynn or James Bell to join the committee, the report stated.
The change was in the works before the company on May 10 disclosed losses tied to wagers on corporate-credit indexes placed by a unit called the Chief Investment Office, which includes a trader who has been called the "London whale" for his market-moving bets, the report noted.
The risk panel currently is chaired by James Crown, who is president of investment firm Henry Crown & Co., and includes two other board members: Ellen Futter, the longtime president of the American Museum of Natural History, and Honeywell International Inc. (HON) Chief Executive David Cote.
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by RTT Staff Writer
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