Ina Drew, Chief Investment Officer at JPMorgan Chase, is officially set to retire from her position, according to a press release issued by the company this morning. Her departure is no doubt a result of the $2 billion trading loss her CIO posted earlier this year. Drew, one of Wall Street's highest ranking female executives, has worked at the firm for 30 years.
Matt Zames, who is currently co-head of Global Fixed Income in the Investment Bank and head of Capital Markets within the Mortgage Bank, is set to fill her vacancy, though he'll also continue handling mortgage-related responsibilities, as well. Additionally, CEO of Treasury & Securities Services Mike Cavanagh will spearhead a team of executives who, according to the company's press release, will "oversee and coordinate our firmwide response to the recent losses in the Chief Investment Office."
"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," Chairman and CEO Jamie Dimon explained in a prepared statement. He also added that it's "important to remember that our company is very strong and well capitalized, with leading franchises across our businesses. We maintain our fortress balance sheet and capital strength to withstand setbacks like this, and we will learn from our mistakes and remain diligently focused on our clients, who count on us every day."
Drew, 55, took over the Chief Investment Officer position in February of 2005. Prior to CIO, she was Head of Global Treasury at JPMorgan Chase. In 2010, she was 1st on the Forbes Global 2000. Despite contributing greatly to this financial debacle, Drew will reportedly receive $14.65 million to part ways with the company.
Twitter, as always, is the perfect place to find snarky, sarcastic responses to the latest news stories. Ina Drew's departure from JPMorgan is certainly no different. Take a look at what a few individuals are saying about her departure below.
JP Morgan CIO Ina Drew blamed for $2b trading disaster. As punishment, neither she or her descendents will ever have to work again.
So farewell then Ina Drew. "I lost $2 billion" yes that is your catchphrase. But I'm sure you'll find a huge chunk of it in your pay off.
I'm sorry (I'm not sorry) but Ina Drew is not getting scapegoated because she is a woman. She is getting scapegoated because she screwed up