JPMorgan Chase (JPM), the lender that lost more than $6.2 billion last year from wrong-way bets on credit derivatives, named Cindy Armine as chief compliance officer.
Armine will replace Martha Gallo, according to New York-based JPMorgan.
Armine joined the firm in May 2011 as chief control officer of home lending after 31 years at Citigroup (NYSE:C), where she was chief compliance officer. Armine was hired, in part, to oversee a consent agreement reached with U.S. regulators in April over foreclosure practices. The accord was signed by 13 other banks.
JPMorgan, in a 129-page report detailing its biggest ever trading loss, said employees were overwhelmed by the complexity of their bets, risk managers were ill-equipped and leaders including Chief Executive Officer Jamie Dimon weren't aggressive enough in responding. The report was issued Jan. 16, the same day the bank posted a $5.69 billion fourth-quarter profit
