Raymond will lead JPM probe

Tim Wallace
Follow Tim
FORMER Exxon Mobil boss Lee Raymond is investigating the so-called London Whale derivatives losses that hit JP Morgan earlier this year, the bank said yesterday.

The institution hopes a thorough investigation headed by the well respected business leader will at last draw a line under the episode which saw the bank take huge losses on the derivatives.

Last month JP Morgan posted losses of $5.8bn (£3.7bn) on the position built up by the Chief Investment Office (CIO) in London, and warned that it could generate another $1.2bn or more of losses.