Report of JPMorgan Chase & Co. Management Task Force Regarding 2012 CIO Losses

Report of JPMorgan Chase & Co. Management Task Force Regarding 2012 CIO Losses January 16, 2013 TABLE OF CONTENTS I. Executive Summary ......................................................................................................................1 A. Summary of Events .........................................................................................................2 B. Key Observations ............................................................................................................7 C. Remedial Measures .......................................................................................................14 II. Key Facts ...................................................................................................................................18 A. Relevant Personnel ........................................................................................................18 B. Overview of CIO and its Functions...............................................................................21 C. Key Events ...25 1. Trading ...............................................................................................................25 2. Valuation ............................................................................................................46 3. The “London Whale” Story and Senior Management’s Response ............