Former J.P. Morgan Risk Officer Takes Advisory Role

Irvin Goldman, who was replaced yesterday as chief risk officer of J.P. Morgan's Chief Investment Office, will stay on as an adviser to the new head of the CIO, the bank said.

Following a $2 billion trading loss on credit derivatives in the CIO, Goldman was replaced last night by Chetan Bhargiri, a managing director of market risk at the investment bank, according to an internal memo reviewed by FINS. Goldman had been named chief risk officer of the CIO just three months ago, according to people familiar with the matter.

Goldman, based in New York, will play an advisory role to Matt Zames, who yesterday replaced Ina Drew as chief investment officer at J.P. Morgan. Goldman's title and responsibilities may shift over time, a person familiar with the matter said.

Goldman had been put in place in February by John Hogan, who himself became chief risk officer of the entire firm in January.

Goldman wasn't available to comment.

J.P. Morgan is reassessing its personnel in the wake of the $2 billion loss. Zames, the new head of the CIO, has brought in his own team, naming Rob O'Rahilly to lead the CIO team in Europe, Middle East and Africa. Marie Nourie will become chief financial officer of the group. Christopher Chan will keep his position leading the CIO in Asia, but will now report to Zames.

Goldman joined J.P. Morgan in September 2010 as a managing director in the CIO, according to Bloomberg News. He had served as head of debt capital markets, among other positions, at Cantor Fitzgerald, the New York-based financial services firm. He joined Cantor in June 2003 and left in 2007. He later founded a consulting firm based in New York called IJG Advisors LLC.

The New York Post reported in October 2007 that Goldman left Cantor Fitzgerald after his unit recorded losses in mortgage and asset-backed trading. A spokesperson for Cantor Fitzgerald declined to comment.

Prior to Cantor, Goldman worked for 13 years at Credit Suisse First Boston and was in charge of sales and trading for interest-rate products, according to a Cantor Fitzgerald press release from July 15, 2003.

His LinkedIn profile says he graduated from New York University with a bachelor's degree in economics and management and an M.B.A in 1984.

Write to Julie.Steinberg at julie.steinberg@dowjones.com