“JPMorgan Chase’s chief risk officer, John Hogan, is being replaced by his deputy, Ashley Bacon, a British executive who was drafted in to clean up after the London Whale trading debacle.

“Mr Bacon, 43, was a favourite of Jamie Dimon, JPMorgan’s chief executive, even before he was asked to deal with the bank’s disastrous derivatives bets, which emerged in May last year. But he also gained in stature at the bank after calmly navigating a Senate hearing into the affair.

“He will officially join Mr Dimon’s inner circle, which has been marked by unusual and sustained turnover during the past four years. Among the recent departures are executives tainted by the trading episode, including Ina Drew, who ran the chief investment office where staff cooked up more than $6bn in losses.

“Others executives on the operating committee have opted to leave for other companies, including Jes Staley, previously head of the investment bank, and Frank Bisignano, chief operating officer.”

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