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Well, to answer one part of the question, the chief risk manager quit early last year and wasn't replaced until just over a month ago
by unclesaamm 4y ago
Well, to answer one part of the question, the chief risk manager quit early last year and wasn't replaced until just over a month ago
- AnimalMuppet 4y agoIs it normal for a bank of that size to run without a chief risk manager for an entire year?
- g42gregory 4y agoGenerally not, but there will always be someone (next in line) who is responsible for the overall risk management. I think the problem was, once they discovered this mess, there wasn't a whole lot they could do, with rates going up. They could have booked several billion dollar loss early on, but instead, they decided to wait it out.