Jamie's Crying

But we'll still be holding the bag.

Those trading positions have produced losses that could total as much as $5 billion, tarnishing the record of an executive who had thrived through the global financial crisis and who has long been known for paying close attention to the bank's trading activity, its risk profile and the activities of its senior employees.

...

In recent years, some of the group's trading morphed into what essentially amounted to big directional bets, and its profits and clout grew. Last year, Mr. Macris dropped risk-control caps that had required traders to exit positions when their losses exceeded $20 million. Ms. Drew and Mr. Macris declined to comment.

Mr. Dimon was unaware of the risk-control change, according to colleagues. Indeed, he had appeared to have started paying less attention to details of the group's trading activities amid the hefty profits, colleagues say.