JPMORGAN CHASE WHALE TRADES: A CASE HISTORY OF DERIVATIVES RISKS AND ABUSES

20
Douglas Braunstein served as JPMorgan Chase & Co.’s Chief Financial Officer (CFO)
from July 2010 to December 2012. He was also a member of the firm’s Executive and Operating
Committees. 26 In November 2012, JPMorgan Chase announced that Mr. Braunstein would step
down from that post at the end of the year, and he has since become a Vice Chairman of the
holding company. 27 In his capacity as CFO, Mr. Braunstein was charged with overseeing and
certifying the accuracy of the firm’s financial reporting, and ensuring adequate capital and
liquidity, among other duties. 28
John Hogan currently serves as JPMorgan Chase’s Chief Risk Officer, having taken that
position in January 2012. Before that, he served as the Chief Risk Officer in the Investment
Bank. 29 His predecessor was Barry Zubrow, who served as the firm’s Chief Risk Officer from
November 2007 to January 2012, after which he was appointed head of Corporate and
Regulatory Affairs. 30 In October 2012, Mr. Zubrow announced he would retire. 31
Stephen Cutler serves as JPMorgan Chase’s general counsel. 32 Greg Baer is a managing
director and deputy general counsel in charge of corporate and global regulatory affairs since
September 2012. 33 Prior to that, Mr. Baer worked in a similar position at Bank of America. 34
James E. (Jes) Staley served as Chairman and CEO of the Corporate and Investment
Bank, capping a career of more than 30 years at JPMorgan Chase. 35 He was also a member of
the firm’s Executive and Operating Committees. In January 2013, Mr. Staley left JPMorgan to
become a managing partner at BlueMountain Capital Management, a hedge fund. 36
C.S. Venkatakrishnan is the head of the holding company’s Model Risk and
Development office which oversees development of risk and capital models and metrics. Prior
10-Q,” JPMorgan Chase & Co., at 230, http://files.shareholder.com/downloads/ONE/2204603745x0xS19617-12-
308/19617/filing.pdf.
26
Subcommittee interview of Douglas Braunstein, JPMorgan Chase (9/12/2012).
27
The current Chief Financial Officer of the holding company is Marianne Lake. 1/16/2013 “Report of JPMorgan
Chase & Co. Management Task Force Regarding 2012 CIO Losses,”
http://files.shareholder.com/downloads/ONE/2288197031x0x628656/4cb574a0-0bf5-4728-9582-
625e4519b5ab/Task_Force_Report.pdf" (hereinafter “2013 JPMorgan Chase Task Force Report”), at 18.
28
Subcommittee interview of Douglas Braunstein, JPMorgan Chase & Co. (9/12/2012); see also 12/4/2012 “Form
8-K,” JPMorgan Chase & Co., at 3, http://files.shareholder.com/downloads/ONE/2204603745x0xS1193125-12-
489964/19617/filing.pdf.
29
Subcommittee interview of John Hogan and Ashley Bacon, JPMorgan Chase (9/4//2012).
30
2013 JPMorgan Chase Task Force Report, at 19.
31
Id.
32
“About Us: Leadership Team – Operating Committee,” JPMorgan Chase & Co.,
http://www.jpmorganchase.com/corporate/About-JPMC/operating-committee.htm.
33
“JPM Chase Hires B of A’s Gregory Baer,” American Banker, Rob Blackwell (9/9/2010),
http://www.americanbanker.com/issues/175_173/jpm-chase-hires-bofa-greg-baer-1025302-1.html.
34
Id.
35
“JP Morgan’s Staley Quits to Join BlueMountain Hedge Fund,” Bloomberg, Mary Childs and Dawn Kopecki
(1/8/2013), http://www.bloomberg.com/news/2013-01-08/jpmorgan-s-staley-quits-to-join-bluemountain-hedgefund.html.
36
Id.