Three high-ranking JPMorgan Chase ( JPM) executives are expected to leave the bank this week, according to a report. The expected departures come in the wake of the bank's disclosure last week that it lost $2 billion because of trades that went awry. The Wall Street Journal reported that Ina Drew, the bank's chief investment officer; Achilles Macris, who headed the London desk that placed the trades; and trader Javier Martin-Artajo, a managing director on that desk, will leave the bank. There are also reports that Bruno Michel Iksil, known as the "London Whale" for big positions he took in credit markets, may leave JPMorgan, which is the biggest bank in the United States by assets.
Yahoo! ( YHOO) CEO Scott Thompson has stepped down and the company has reached a settlement with activist hedge fund manager Daniel Loeb's Third Point LLC. The Internet company said Sunday it appointed Ross Levinsohn, Yahoo!'s global head of media, to serve as interim CEO. A press release from Yahoo! didn't mention the reasons for Thompson's departure, but the changes come amid controversy over his biography. Reports Monday say before he resigned at CEO of Yahoo!, Thompson disclosed to the company's board that he has been diagnosed with thyroid cancer. The decision to step down was in part influenced by Thompson's cancer diagnosis, a person familiar with the matter told The Wall Street Journal.
Cosmetics maker Avon ( AVP) changed course on a buyout offer it had previously rejected, declaring that it would consider selling itself to Coty after Coty sweetened the deal. In a two-sentence statement Sunday, Avon said its board would respond to Coty within a week. Coty offered $23.25 for Avon on March 30, or about $10 billion. On Wednesday, Coty sent Avon a letter raising the price about 6.5% to $24.75 a share, or almost $10.7 billion.
Monster Worldwide ( MWW) has drawn interest from a number of potential buyers, including private-equity firm Silver Lake Partners, Reuters reported, but LinkedIn ( LNKD), considered a would-be suitor, won't pursue a deal.
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