Source: AP / CBS News
NEW YORK – The chief investment officer at JPMorgan Chase (JPM), one of the highest-ranking women on Wall Street, will retire, the company said Monday. She becomes the first casualty of the bank’s $2 billion trading blunder.
The bank said Ina Drew, 55, would retire after more than 30 years with the company. She will be replaced by Matt Zames, an executive from JPMorgan’s investment bank.
CEO Jamie Dimon said Drew’s “vast contributions to our company should not be overshadowed by these events.”
JPMorgan, the largest bank in the United States, is seeking to minimize the damage from the trading mistake, which Dimon has conceded will complicate the efforts of banks to fight certain regulatory changes.
To read this article in its entirety visit CBS News.