Ina Drew JPMorgan Departure: Bank Expected To Accept Resignation Of Chief Investment Officer, Source Says
By PALLAVI GOGOI 05/13/12 08:22 PM ET
NEW YORK — JPMorgan Chase is expected to accept the resignation of one of the highest-ranking women on Wall Street after the bank lost $2 billion in a trading blunder, a person familiar with the matter said Sunday.
The bank will accept the resignation of Ina Drew, its chief investment officer, the person told The Associated Press, speaking on condition of anonymity because the person was not authorized to discuss the decision publicly.
Drew, 55, one of the highest-paid officials at JPMorgan Chase, had offered to resign several times since CEO Jamie Dimon disclosed the trading loss on Thursday, the person said. Pressure built on the bank over the weekend to accept.
At least two other executives at the bank will be held accountable for the mistake, the person said.
The casualties come as JPMorgan, the largest bank in the United States, seeks to minimize the damage caused by the $2 billion loss. Investors shaved almost 10 percent off JPMorgan's stock price on Friday.
Dimon has said the mistake will complicate the efforts of banks to fight certain regulatory changes three years after the financial crisis.
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5/16/2012
Ina Drew JPMorgan Departure: Bank Expected To Accept Resignation Of Chief Investment
via soundofheart.org
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