JPMorgan’s Ina Drew to Retire

Matt Zames, head of global fixed income, succeeds Drew as chief investment officer.

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.

Taking Risks

Drew, 55, was one of two women on the operating committee at JPMorgan, the biggest and most profitable U.S. bank. Her office oversees about $360 billion, the difference between money from deposits and what the bank lends. Dimon had encouraged her unit to boost earnings by buying higher-yielding assets, including structured credit, equities and derivatives, in an expansion of risk-taking led by Achilles Macris, ex-employees said in April.

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