14 May '12, 8am

JPMorgan's CIO expected to leave as pressure sets in after $2.5b loss

JPMorgan's CIO expected to leave as pressure sets in after $2.5b loss

In this May 11, 2012 file photo, people stand in the lobby of JPMorgan Chase headquarters in New York. JPMorgan Chase is expected to accept the resignation of one of the highest-ranking women on Wall Street after the bank lost US$2 billion (S$2.5 billion) in a trading blunder, a person familiar with the matter said on Sunday, May 13, 2012. -- PHOTO: AP NEW YORK (AFP) - JPMorgan Chase said on Monday its chief investment officer Ina Drew was resigning in the wake of the bank's stunning US$2 billion (S$2.5 billion) loss on derivatives trading. Drew is 'retiring' after more than 30 years at the bank, JPMorgan said, but her departure comes days after the bank reported a huge 'egregious' loss that came under her responsibility at the bank's chief investment officer (CIO). 'Ina Drew has been a great partner over her many years with our firm,' chief executive and chairman Jamie Di...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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