|PALLAVI GOGOI, AP Business Writer|
The bank will accept the resignation of
Drew, 55, one of the highest-paid officials at
At least two other executives at the bank will be held accountable for the mistake, the person said.
The casualties come as
Dimon has said the mistake will complicate the efforts of banks to fight certain regulatory changes three years after the financial crisis.
Drew oversaw the division of the bank responsible for the loss. She was paid
Drew declined comment through a bank spokeswoman.
The Journal also reported that Bruno Iksil, the
The surprise loss has been a black eye for the bank and for Dimon, who is known in the industry both as a master of risk management and as an outspoken opponent of some proposed regulation since the crisis.
Dimon said in a TV interview aired Sunday that he was "dead wrong" when he dismissed concerns about the bank's trading last month.
"We made a terrible, egregious mistake," Dimon said in an interview that was taped Friday and aired on
Dimon said he did not know the extent of the problem when he said in April that the concerns were a "tempest in a teapot."
The loss came in the past six weeks. Dimon has said it came from trading in so-called credit derivatives and was designed to hedge against financial risk, not to make a profit for the bank.
A piece of financial regulation known as the Volcker rule would prevent banks from certain kinds of trading for their own profit. Dimon has said the trading involved in the
Dimon conceded to
"This was not a risk-reducing activity that they engaged in. This increased their risk," Levin told
"So we've got to be very, very careful that the regulators here are not undermined by this huge effort to weaken the rule by putting in a huge loophole" that includes the trading involved in the
Dimon said the bank is open to inquiries from regulators. He has also promised, in an email to the bank's employees and in a conference call with stock analysts, to get to the bottom of what happened and learn from the mistake.
Addressing public anger toward
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