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Three JPMorgan executives expected to resign over $2 billion loss

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Three top executives at JPMorgan are expected to resign this week in the wake of a $2 billion trading loss.

The Wall Street Journal reported on Sunday that the three include Ina R. Drew, the head of the risk-management division responsible for the loss, along with the top executive and a managing director at the London branch that placed the trades under her direction.

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According to several JPMorgan executives, Drew had offered her resignation several times since the extent of the losses became known in late April, but CEO Jamie Dimon had previously refused to accept it.

The situation changed however, when Dimon revealed the loss on Thursday and it led to a 10% drop in the firm’s stock price the next day. “We made a terrible, egregious mistake,” Dimon has since admitted. ‘There’s almost no excuse for it.”

According to the New York Times, Drew’s problems arose from her belief that the derivatives trades she authorized could protect the bank from Europe’s economic problems while also earning a profit. When market conditions changed in April, however, she was overly slow to respond, resulting in that massive loss. Drew had been the fourth-highest officer at the company last year, earning $14 million.

Photo by Financial Times via Flickr


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‘I am now a force to be reckoned with’: Episcopal priest furious after Trump chased her from church with tear gas

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An Evangelical priest who was forcibly removed from her church blasted President Donald Trump for staging a photo opportunity at her house of worship.

Rev. Gini Gerbasi was wearing clerical garb when U.S. Park Police and National Guard troops fired tear gas on her and a group of peaceful protesters to clear the area for the president's unannounced visit, reported Religion News.

“They turned holy ground into a battleground,” Gerbasi said.

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Trump wants to push America into a civil war because he knows he’s losing his re-election: conservative

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‘I am George Floyd’: Air Force Chief Master Sergeant backs protests as Trump threatens military force

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"I am a Black man who happens to be the Chief Master Sergeant of the Air Force," Wright wrote on Twitter Monday night. "I am George Floyd... I am Philando Castile, I am Michael Brown, I am Alton Sterling, I am Tamir Rice. Just like most of the Black Airmen and so many others in our ranks... I am outraged at watching another Black man die on television before our very eyes."

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