The Office of Inspector General of the Federal Reserve System published a full redacted report regarding its allegations that various supervisory breakdowns at the Federal Reserve Bank of New York caused the FRB NY not to investigate trading activities by the Chief Investment Office of JPMorgan Chase & Company’s London office that ultimately caused the bank to sustain over US $6 billion in losses by the end of 2012. A summary of this report was initially published during October 2014. (Click here to see a description of this summary in the article “Federal Reserve Inspector General Finds Deficiencies in Regulatory Oversight of London Whale Risks,” in the October 20 to 24 and 27, 2014 edition of Bridging the Week.) Among other things, the full report elaborated on apparent breakdowns in information sharing and coordination between staff of the FRB NY and the Office of Comptroller of the Currency that might have discouraged OCC from adequately reviewing JPMC’s trading activities when the FRB NY was unable to review such activity itself. According to OIG, “[o]ne FRB New York interviewee described the relationship between the FRB New York and OCC supervision teams as ‘tense’ and indicated that the leads on both supervisory teams did not cooperate. [Another] FRB New York official noted that there were ‘turf battles’ between the two supervisory agencies.” OIG also claimed that the FRB NY never conducted various proposed formal reviews of JPMC because of “many supervisory demands and a lack of supervisory resources;” weaknesses in controls involving the supervisory planning process; and a 2011 reorganization of the FRB NY’s supervisory team at JPMC that led to a significant loss of institutional knowledge regarding JPMC’s chief investment officer.