JPMorgan Chase & Co.’s management rating was downgraded in a confidential government scorecard over concerns about the company's management and its board, the Wall Street Journal reported today. The New York company's management rating from the Office of the Comptroller of the Currency fell one notch last July to a level that signifies oversight "needs improvement," following the revelation of what are known as the "London Whale" trading losses. The grading is on a scale of 1 to 5, with 5 being worst. JPMorgan had been at level 2, indicating "satisfactory management." The downgrade to level 3, according to comments on the scorecard, was not solely related to a London employee's large trades—in indexes tracking the health of a group of companies—that led to losses exceeding $6 billion.
