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.
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.