JP Morgan Executive Announces Retirement after $2 Billion Trading Loss
The bank announced Monday, in a press release that Drew, 55, would step down after more than 30 years with the company.
JP Morgan Chase, the leading financial services firm with global scale and reach announced last week that it lost $2 billion as the result of some complicated hedge fund trading.
Drew will be replaced by Matt Zames, currently co-head of Global Fixed Income in the Investment Bank and head of Capital Markets within the Mortgage Bank.
“Ina Drew has been a great partner over her many years with our firm. Despite our recent losses in the CIO, Ina’s vast contributions to our company should not be overshadowed by these events,” said Jamie Dimon, Chairman and CEO.
Dimon added, “Matt Zames is a world-class risk manager and executive — highly regarded for his judgment and integrity.”
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations worldwide.