Senators to question former JPMorgan exec who oversaw London Whale

WASHINGTON -- Ina Drew, the former JPMorgan Chase & Co. executive who oversaw the trading unit responsible for the $6.2-billion “London Whale” trading losses, is scheduled to testify Friday at a Senate hearing on the risky derivatives bets.

Drew, who retired last spring as chief investment officer shortly after the losses became public, will be joined by another former JPMorgan executive, Peter Weiland, at the hearing by the Senate’s Permanent Subcommittee on Investigations.

Weiland was the head of market risk in the firm’s chief investment office. He resigned in October, the company said.

The subcommittee announced the witnesses Wednesday for the hearing, which is titled “JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses.”

Witnesses also include Ashley Bacon, the company’s acting chief risk officer; board vice chairman Douglas Braunstein, who was chief financial officer from 2010-2012; and officials from the Office of the Comptroller of the Currency, which regulates JPMorgan.

The subcommittee, headed by Sen. Carl Levin (D-Mich.), has been investigating the trading losses and plans to release its report Thursday.

JPMorgan Chief Executive Jamie Dimon is not scheduled to appear. He testified before Senate and House committees about the trading loss in June, saying he did not mislead shareholders when he called early reports about big losses out of the bank’s London office “a tempest in a teapot.”

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