JPMorgan Chase has named Ashley Bacon as its new chief risk officer. He replaces John Hogan, who returns today after being on leave since January.

Bacon, who has been serving the interim role of heading risk since Hogan's departure, has more than 20 years of experience in banking. He joined JP Morgan in 1993 and worked in various trading groups before joining the risk group in 2006. 

The change in the CRO role follows the bank's so-called “London Whale” scandal that the financial services giant has been cleaning up from since May 2012. According to a report by the U.S. Senate's Permanent Subcommittee on Investigations, the bank used complex derivatives and other methods to hide risk from bank regulators and investors, all in an effort to boost profits.

Hogan was named CRO in January 2012, just as the bank began racking up more than $6.2 billion in losses. According to the Senate report, however, Hogan played no role in approving the bad trades and was unaware of their size and mounting losses before the trades were uncovered in April of that year.

In an internal memo to employees, Chief Executive Officer Jamie Dimon said Hogan returned back to JP Morgan on June 17 and currently holds a new title as chairman of risk on the bank's operating committee. Hogan may eventually take another senior position at the bank, or leave the company, Dimon stated.

Since the derivatives debacle began, JP Morgan has made several changes to its top management team, including the replacement of its chief financial officer and investment banking chief, as well as the head of the Chief Investment Office, where the London Whale losses occurred.