The executive, who was responsible for the JPMorgan Chase trading strategy and one of the highest-ranked women on Wall Street, became the first casualty on Monday of the bank’s huge $2 billion loss in trading. The Chief Investment Officer, Ina Drew, a 30-year member of the company announced her retirement the bank said. Matt Zames will take her place.
Jamie Dimon the CEO said Drew has made vast contribution to the company and that should not be overlooked because of recent events. He said the company is still very strong. Dimon said the company had capital strength and a huge balance sheet to be able to withstand such setbacks and that the company will learn from its mistakes and will be, as always, diligently focused on its customers.
Drew was a very highly paid official at the bank and on a number of occasions told Dimon she would resign after the announcement was made last week about the losses. Inside sources said that at least two and possibly more executives would be held accountable at the bank for the huge mistake. Drew was in charge of the division responsible for the huge loss. She received over $15.5 million last year and nearly $16 million during 2010. She was one of the highest paid executives in all of JPMorgan.
She declined to comment on Sunday through a spokesperson at the bank. Two other executives are reportedly getting ready to resign shortly said an inside source at the bank.
