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• W1946459849 abstract "Every serious nuclear accident involves operator error, so you want to eliminate the operator altogether. Gladwell, M. (2008). Introduction J.P. Morgan Chase & Co. Chairman and Chief Executive Officer James Dimon faced many crucial decisions based on the revelation during his April 30, 2012 conference with associates about certain out-of-control trading positions. The apparently unmonitored trading positions, entered into by a successful trader, Bruno Iksil, often referred to as the London Whale or Caveman, had backfired. want to see the positions! Dimon barked, throwing down the papers, according to attendees. Now! I want to see everything! To make matters much worse, the loss positions, initially estimated at $2 billion, could not be settled without significantly increasing the loss amount. The Wall Street Journal reported that once Dimon had the trade details in front of him He couldn't breathe. By December 2012 the loss positions had increased to $6 billion. One of the most important decisions Mr. Dimon faced was how to disclose and characterize the unmonitored loss positions to the bank's shareholders, banking regulators, and the media. Mr. Dimon was considered to be the star leader on Wall Street. J.P. Morgan Chase & Co. (JP Morgan) had survived the most challenging period since the Great Depression, seemingly without serious damage such as had been suffered by the global banking industry. Mr. Dimon's personal reputation and the reputation of JP Morgan were on the line. Use of the word in his disclosures and characterization of Mr. Iskil's trading position was tantamount to admitting that he, Mr. Dimon, had been hoodwinked by one of his own employees. During the previous five years the financial media had been replete with stories of staggering bank losses arising from activities of unmonitored, rogue traders. The JP Morgan situation differed from all of the others discussed in this case study in that neither fraud nor unauthorized trading was specifically mentioned. All of the other rogue traders were charged with and convicted of criminal fraud. Most of these cases involved banks domiciled outside the United States. JP Morgan was the invincible and venerable bank of Wall Street. Furthermore, Mr. Iksil worked in JP Morgan's Chief Investment Office (CIO). Ironically, this was the arm of the bank that was supposed to make investments that balanced out the risks being taken by the rest of the bank on its loans to companies and individuals often referred to as value at risk (VAR) (Armitage,2012). The CIO was not formally part of JP Morgan's normal trading operations. However, CIO trading operations were intended to be monitored by the internal controls over trading. The next section summarizes the case content that is directly relevant to the analysis of Mr. Dimon's disclosure and characterization of Mr. Iksil's trading loss positions. Summary of Case Contents Front refers to where JP Morgan's securities trades were initiated and refers to where front office activities were controlled and monitored. This case presents a brief explanation of trading activities, the environment in which trading occurred, and an introduction to two factors that further complicate bank trading. Figure 1 summarizes several bank trading loss situations that had been reported since 1995. Figures 2 through4 depict three internal control flow charts. A brief narrative of their application to front office trading and back office monitoring and control operations of banks is included in the case Appendix. The internal control procedures in those flow charts are typical for trading procedures that are expected to be followed for trade initiation, approvals, monitoring and settlement, along with the identification and resolution of any detected irregularities. In addition to the summary information in Figure 1, some of the salient characteristics of each of the trading frauds are briefly discussed. …" @default.
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• W1946459849 date "2013-10-11" @default.
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• W1946459849 title "Front Office Trading: I Want to See the Positions!" @default.
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