Financial services giant JPMorgan Chase has named 43-year old British executive Ashley Bacon as its new chief risk officer. Bacon will replace John Hogan, who has been on leave since January.
Bacon, who has been associated with the bank since 1993, was appointed as acting chief risk officer in the absence of Hogan.
Bacon will work in close association with the company’s CEO Jamie Dimon. Earlier, he was tasked to deal with the bank’s derivatives bets debacle in May 2012 and steered through a Senate hearing into the issue, reports Financial Times.
Bacon also served the bank in various roles in London, Singapore, and Tokyo.
Bacon told the Financial Times that he would focus on strengthening the risk management team. “It’s partly that we always want rigorous thinking in order to run the company safely, and partly because the regulatory hurdles have been raised, and we have to respond to that.”
Meanwhile, Hogan, who will be back to work on 17 June 2013, will be part of the bank’s operating committee as a chairman of risk.
Dimon in a memo told the staff: “John is a highly talented executive who did a superb job as head of risk when we needed him most, and we respect his decision to return to a different role that will allow him some continued flexibility.”
Since the derivatives debacle that incurred a loss of more than $6.2bn, the bank made a number of changes in its top management that included replacement of CFO and investment banking CEO, and head of the chief investment office.