JPMorgan CIO Retiring After Shocking Trading Losses

JPMorgan Chase & Co’s hedging unit leader Ina Drew has announced her retirement, following trading losses that some experts estimate at more than $3 billion. Drew, one of the highest-paid execs at the bank, will be replaced by Matt Zames, once an employee at Long-Term Capital Management. According to bank execs, Drew’s retirement after 30 years at JPMorgan comes on the heels of a highly publicized mismanagement of a portfolio of derivatives tied to creditworthiness of bonds. Drew has been considered by many to be among the best managers of balance risk sheets, and may still be entitled to nearly $14.7 million in stock awards after resignation, if she meets full-career eligibility criteria. Shares of JPMorgan today were down 2.7% to $35.98, and the stock has lost 12%, or $18.12 billion, of its overall value since the mismanagement was disclosed.
-Reuters

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