Past Exxon chief to head JP Morgan probe

JP Morgan probe: Will be headed by Lee Raymond

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News Wires

 20 August 2012 20:26 GMT

JP Morgan Chase has picked Lee Raymond, ex-chief executive of ExxonMobil, to head an inquiry by company directors into losses in a credit derivative portfolio run by its London-based Chief Investment Office, according to a source familiar with the matter.

The company's board also appointed fellow directors William Weldon, chairman of Johnson & Johnson, and real estate developer Laban Jackson to the inquiry panel, Reuters reported.

Raymond, 73, was chief executive and chairman of Exxon from 1993 to 2005 and already holds the position of "presiding director" of the JP Morgan board.

The board assignments were made in May shortly after the losses were revealed, but were reported on Monday by the Wall Street Journal.

A JP Morgan representative declined to comment to the news wire.

The directors' probe is in addition to one by…

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