JPM's Chief Risk Officer Takes Leave of Absence

JPMorgan Chase Chief Risk Officer John Hogan is taking a leave of absence to spend time with his family and friends, he said in a memo to his group on Friday.

Hogan plans to return to his role of chief risk officer in "early summer," he writes. He says he cleared the decision with Chief Executive Jamie Dimon and others on JPMorgan's operating committee, and feels confident that the risk group will function well in his absence.

"We feel great about the team we'll have in place while I'm out," he writes. "I look forward to rejoining you all in the summer."

Ashley Bacon, JPMorgan's deputy chief risk officer, will become interim chief risk officer during Hogan's leave. He will work with Dimon, Chief Investment Officer Matt Zames and the rest of JPMorgan's operating committee to "ensure we continue the progress we've made in further strengthening our risk capabilities," Hogan writes.

Hogan, 46, became JPMorgan's chief risk officer in January 2012, replacing Barry Zubrow. He was promoted from chief risk officer for JPMorgan's investment bank, a role he had filled since 2006.

The bank's report on its internal investigation of the so-called London Whale trading losses concluded that Hogan "did not have sufficient time" to ensure that risk controls were operating properly in the months after being promoted to chief risk officer. But deeper inquiry by Hogan "might have uncovered issues earlier," the report says.