Belfast Telegraph

Home News World

Bank chief leaves after 2bn loss

One of the highest-placed women on Wall Street, Ina Drew chief investment officer at JPMorgan Chase, will retire, the first casualty of its two billion dollar trading blunder.

The bank said Ms 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.

JPMorgan, the largest bank in the United States, is seeking to minimise the damage from the trading mistake.

Ms Drew, one of the highest-paid in the firm, had offered to resign several times since it disclosed the trading loss on Thursday.

She oversaw the division of the bank responsible for the loss. She was paid 15.5 million dollars last year.

The surprise loss has been a black eye for the bank and for chief executive Jamie 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.

Mr Dimon said the loss came from trading in credit derivatives and was designed to hedge against financial risk, not to make a profit for the bank.

Addressing public anger toward Wall Street, Mr Dimon said he wants a more equitable society and does not mind paying higher taxes. But he said attacking all of business is "very counterproductive".

Popular

From Belfast Telegraph