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Empresas y finanzas

JPMorgan Chase names Craig Delany chief investment officer: memo


    (Reuters) - JPMorgan Chase & Co named top mortgage executive Craig Delany to head its chief investment officer, more than three months after the discovery of a wayward derivatives trade in the division that caused at least $5.8 billion in losses.

    The 41-year-old banker most recently served as chief operating officer of mortgage banking, a job he took on last year to work through JPMorgan's problematic mortgage loans and bank-owned real estate.

    In his new role, Delany will report to Co-Chief Operating Officer Matthew Zames and will also remain on the bank's executive committee, according to an internal memo seen by Reuters.

    Delany's predecessor, Ina Drew, resigned in May and had to return lucrative compensation awards after JPMorgan management discovered the extent of the bad derivatives bet in its $359.1 billion investment portfolio.

    Delany's appointment is part of a management shake-up that elevated Zames to his current role in an effort to unwind the large and complex trade and tighten risk-management procedures.

    (Reporting By Lauren Tara LaCapra; Editing by Gerald E. McCormick)