JPMorgan Chase & Co. said Chief Investment Officer Ina Drew will retire after the firm suffered a $2 billion trading loss, marking the downfall of one of the highest-ranking women on Wall Street.
Matt Zames, the 41-year-old head of global fixed income in the investment bank, will succeed Drew as CIO, New York-based JPMorgan said today in a statement. The entire London staff of the bank's chief investment office, where the loss occurred, is at risk of dismissal, a person familiar with the situation said.
Chief Executive Officer Jamie Dimon, 56, announced the loss May 10, assailing his firm's handling of trading in synthetic credit securities as "flawed, complex, poorly reviewed, poorly executed and poorly monitored." JPMorgan is examining whether anyone in the unit, which employs a few dozen people in London, sought to hide risks, though there isn't yet evidence that's the case, the person said.
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