JPMorgan Chase’s $2B Bug: How Lyme Disease Sickened The Banking Industry Titan
By Joseph Orovic, The International Business Times, United States Edition, New York, NY
The $2 billion-and-counting derivatives-trading debacle at JPMorgan Chase & Co. (NYSE: JPM) may be traced back to misplaced trust and — a case of Lyme disease?
Two extensive reports — one by the New York Times and the other by the Wall Street Journal — trace the deterioration of JPMorgan Chase’s once-disciplined corporate culture and its aftermath. They lay bare a top-down hierarchy characterized by misplaced trust and growing hubris that fueled a power struggle during a leadership vacuum. And it all began when now-retired Chief Investment Officer Ina Drew was frequently absent as she battled a case of Lyme disease.
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