JPMorgan's loss forces retirement
Source: Agencies |
May 15, 2012, Tuesday
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Print Edition
Print Edition
THE chief investment officer at JPMorgan Chase, one of the highest-ranking women on Wall Street, will retire, the company said yesterday. She becomes the first casualty of the bank's US$2 billion trading blunder.
The bank said Ina Drew, 55, would retire after more than 30 years with the company. She will be replaced by Matt Zames, an executive from JPMorgan's investment bank.
CEO Jamie Dimon said Drew's "vast contributions to our company should not be overshadowed by these events."
JPMorgan, the largest bank in the US, is seeking to minimize the damage from the trading mistake, which Dimon has conceded will complicate the efforts of banks to fight certain regulatory changes.
Drew, one of the highest-paid officials at JPMorgan, had offered to resign several times since Dimon disclosed the trading loss on Thursday, a person familiar with the matter said on Sunday.
At least two other executives at the bank will be held accountable for the mistake, the person said.
Drew oversaw the division of the bank responsible for the loss. She was paid US$15.5 million last year and almost US$16 million in 2010, making her one of the highest-paid officials at JPMorgan, a filing said.
Drew declined comment through a bank spokeswoman. Kristin Lemkau, a spokeswoman for JPMorgan, also declined comment.
The Wall Street Journal reported on Sunday that Drew and two other executives were expected to resign soon.
The Journal also reported that Bruno Iksil, the JPMorgan trader identified as the "London whale" because of the giant bets he placed, was set to leave, but the newspaper said it was not clear when that would happen.
The surprise loss has been a black eye for the bank and for Dimon, who is known in the industry both as a master of risk management and as an outspoken opponent of some proposed regulation since the crisis.
The bank said Ina Drew, 55, would retire after more than 30 years with the company. She will be replaced by Matt Zames, an executive from JPMorgan's investment bank.
CEO Jamie Dimon said Drew's "vast contributions to our company should not be overshadowed by these events."
JPMorgan, the largest bank in the US, is seeking to minimize the damage from the trading mistake, which Dimon has conceded will complicate the efforts of banks to fight certain regulatory changes.
Drew, one of the highest-paid officials at JPMorgan, had offered to resign several times since Dimon disclosed the trading loss on Thursday, a person familiar with the matter said on Sunday.
At least two other executives at the bank will be held accountable for the mistake, the person said.
Drew oversaw the division of the bank responsible for the loss. She was paid US$15.5 million last year and almost US$16 million in 2010, making her one of the highest-paid officials at JPMorgan, a filing said.
Drew declined comment through a bank spokeswoman. Kristin Lemkau, a spokeswoman for JPMorgan, also declined comment.
The Wall Street Journal reported on Sunday that Drew and two other executives were expected to resign soon.
The Journal also reported that Bruno Iksil, the JPMorgan trader identified as the "London whale" because of the giant bets he placed, was set to leave, but the newspaper said it was not clear when that would happen.
The surprise loss has been a black eye for the bank and for Dimon, who is known in the industry both as a master of risk management and as an outspoken opponent of some proposed regulation since the crisis.
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