JPMorgan Risk Chief Had History of Trading Losses and Sanctions - Wall Street & Technology

PMorgan Risk Chief Had History of Trading Losses and Sanctions

Goldman’s previous Wall Street firm received a slap on the wrist from regulators.

By Melanie Rodier@mrodier MAY 21, 2012

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Background checks, anyone?

Irvin Goldman, the JPMorgan Chase risk chief who oversaw the unit that suffered a $2 billion trading loss in credit derivatives, was fired by Cantor Fitzgerald in 2007 for hemorrhaging losses that prompted regulatory action, according to Bloomberg.

Goldman had only been at his job at JPMorgan since February. Yet according to Bloomberg’s source, the company’s chief risk officer, John Hogan, (who himself only became chief risk officer of JP Morgan in January) was unaware of Goldman’s firing from Cantor when he named him the unit’s head of risk – although others at JP Morgan knew about Goldman’s history at Cantor, a person briefed on the situation told the news service.

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