JPMorgan Chase’s chief investment officer resigned last night, becoming the first head to roll in response to the bank’s massive $2.3 billion trading blunder.
Ina Drew, 55, and at least two other executives will lose their jobs in the fallout from a scandal that has tarnished the bank’s once-sterling reputation and that of its respected CEO, Jamie Dimon, according to sources.
Drew, one of the most powerful women on Wall Street, is expected to resign immediately, sources said. She earned an estimated $15.5 million last year as head of the bank’s Chief Investment Office, which oversaw the trading unit in London that incurred many of the losses.
Achilles Macris, a London-based manager of the desk where the funky derivatives trades were authorized, and Javier Martin-Artajo, another senior trader, are also on the chopping block, according to published reports.
Sources say that the execs could also lose their bonuses to “claw backs.” A JPMorgan spokesman declined to comment.
Ina Drew, 55, and at least two other executives will lose their jobs in the fallout from a scandal that has tarnished the bank’s once-sterling reputation and that of its respected CEO, Jamie Dimon, according to sources.
Drew, one of the most powerful women on Wall Street, is expected to resign immediately, sources said. She earned an estimated $15.5 million last year as head of the bank’s Chief Investment Office, which oversaw the trading unit in London that incurred many of the losses.
Achilles Macris, a London-based manager of the desk where the funky derivatives trades were authorized, and Javier Martin-Artajo, another senior trader, are also on the chopping block, according to published reports.
Sources say that the execs could also lose their bonuses to “claw backs.” A JPMorgan spokesman declined to comment.
