Ina Drew, the chief investment officer who was in charge of the JPMorgan Chase’s $2-bln trading loss announced last week, has retired from the bank.
Drew, who was blamed for failing to stop the bet that spiraled into a huge loss, will be succeeded by Matthew E. Zames, a co-head of JPMorgan’s global fixed income group and head of capital markets in its mortgage division.
Zames will also join the bank’s operating committee in addition to continuing his work in the mortgage unit.
Drew earned approximately $14-mln last year, and was among the most powerful executives at the firm.
Two of Drew’s lieutenants, Achilles Macris and Javier Martin-Artajo, are also expected to resign.
The bank announced that it would form a team of senior executives to investigate and respond to the recent losses.
“Ina Drew has been a great partner over her many years with our firm,” said Jamie Dimon, JPMorgan’s chief executive. “Despite our recent losses in the CIO, Ina’s vast contributions to our company should not be overshadowed by these events.”
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Nicole Siena is an intern for the Toronto Standard. Follow her on Twitter at @nicolesiena
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