JPMorgan chief investment officer leaving

Executive leaving JPMorgan Chase after $2 billion trading blunder

Associated Press
JPMorgan exec becomes first casualty of bad trade
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FILE - In this May 11, 2012 file photo, people stand in the lobby of JPMorgan Chase headquarters in 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, May 13, 2012. 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. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) -- JPMorgan Chase says its chief investment officer is retiring after a $2 billion trading blunder.

The bank says Ina Drew will leave after more than 30 years at the company. She oversaw the trading group responsible for the bad trade.

JPMorgan says Matt Zames, the bank's co-chief of global fixed income in its investment bank, will take Drew's place.

The trading mistake has hammered JPMorgan's stock price and complicated its efforts to fight regulatory changes after the financial crisis.

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