Bloomberg reported that Jim Woolery, co-head of JPMorgan Chase’s North American mergers and acquisition practice is leaving the bank to join law firm Cadwalader as deputy chairman.
A coalition of investors has filed a shareowner proposal calling on JPMorgan Chase to name an independent board chairman who would be responsible for overseeing the company’s CEO.
Nu Skin Enterprises entered into a second amendment of its amended and restated credit agreement. JPMorgan served as administrative agent. The amended facility increased the commitment to $100 million and extended its maturity to February 2014.
Safeway appointed Peter J. Bocian as executive vice president and CFO. Previously, he served as EVP, head of Corporate Services and Finance at JPMorgan where he oversaw Global Real Estate, Procurement, Technology and Real Estate Finance and General Services for the firm.
JPMorgan said CEO Jamie Dimon “bears ultimate responsibility for the failures” relating to losses by its chief investment office and that his 2012 compensation was cut by more than 50% from the prior year.
Bloomberg is reporting that JPMorgan Chase’s board will consider releasing an internal report this week that faults CEO Jamie Dimon’s oversight of a division that lost more than $6.2 billion.
Bloomberg reported that after saving JPMorgan from the ravages of the London Whale, Andrew Feldstein, who leads BlueMountain Capital, is offering to help other banks unwind their bad derivatives bets.
The Wall Street Journal said that banks are ending the year largely resigned that their activities will be constrained and monitored more closely by the government as a result of JPMorgan’s “London whale” losses.
FelCor Lodging Trust amended and restated its $225 million secured line of credit facility. JPMorgan Chase continued to serve as administrative agent. Bank of America served as syndication agent.
In a conference call with investors, JPMorgan Chase CEO Jamie Dimon said the firm suffered a $2 billion trading loss after an “egregious” failure in a unit managing risks. ABF Journal illustrator Jerry Gonzalez offers his take on this “whale of a tale.”