JPMorgan Expected To Accept Resignation Of Chief Investment Officer, Source Says

[edbermac]

NEW YORK — JPMorgan Chase is expected to accept the resignation of one of the highest-ranking women on Wall Street after the bank lost $2 billion in a trading blunder, a person familiar with the matter said Sunday.

The bank will accept the resignation of Ina Drew, its chief investment officer, the person told The Associated Press, speaking on condition of anonymity because the person was not authorized to discuss the decision publicly.

Drew, 55, one of the highest-paid officials at JPMorgan Chase, had offered to resign several times since CEO Jamie Dimon disclosed the trading loss on Thursday, the person said. Pressure built on the bank over the weekend to accept.

At least two other executives at the bank will be held accountable for the mistake, the person said.

The casualties come as JPMorgan, the largest bank in the United States, seeks to minimize the damage caused by the $2 billion loss. Investors shaved almost 10 percent off JPMorgan's stock price on Friday.

Dimon has said the mistake will complicate the efforts of banks to fight certain regulatory changes three years after the financial crisis.

JPMorgan's disclosure has led lawmakers and critics of the banking industry to call for stricter regulation of Wall Street. Many post-crisis rules governing risk-taking by banks are still being written.

Drew oversaw the division of the bank responsible for the loss. She was paid $15.5 million last year and almost $16 million in 2010, making her one of the highest-paid officials at JPMorgan, according to a regulatory filing.

Drew declined comment through a bank spokeswoman. Kristin Lemkau, a spokeswoman for JPMorgan Chase, also declined comment. The Wall Street Journal reported earlier Sunday that Drew and two other executives were expected to resign soon.

The Journal also reported that Bruno Iksil, the JPMorgan trader identified as the "London whale" because of the giant bets he placed, was also likely to leave, but the paper reported that it was not clear when that would happen.

http://www.huffingtonpost.com/2012/05/13/ina-drew-jpmorgan-resignation_n_1513490.html

ALSO LIKELY TO LEAVE?????? AFTER CAUSING A 2 BILLION DOLLAR LOSS?????

Note to Jamie Dimon: Just send Mr Iksil this fax.

[BumRushDaShow]

1. Here we go again.

[RB TexLa]

2. This woman needs to get over it and show up to work Monday.

Resigning over this is stupid.

[DURHAM D]

4. Guy?

[RB TexLa]

6. There, corrected.

[peacebird]

5. Really? Actually I agree. Show up, and then get FIRED for gross incompetence.

[RB TexLa]

7. I don't think they should be fired.

[marmar]

3. Max Keiser on Jamie Dimon

[Canuckistanian]

8. Dimon is the one who should resign

This corruption is institutional.

[riderinthestorm]

10. Yup, he's the one who enabled this shit to continue

Fought long and hard to keep it going and pushed back HARD when Obama even whispered about reform....

Dimon's the one to go. I presume that chief investment officer was simply doing her job as directed.

[Trillo]

9. reverse lobbying also?

It's kind of an interesting argument JPM seems to be making, That it cost some set of groups, whoever "absorbs the losses" and ultimately pays for those losses, a price to receive 'JPM's complication' of needed regulatory legislation. That seems like some kind of reverse lobbying. Now that I write it out, I wonder if it's something more, related to the admission of legislative manipulation. Is it like extortion?

$2,000,000,000
reduces their tax burden,
it appears to turn synthetic derivatives into real money,
(wow, neat trick)
it lowers their stock price,
&
it "complicates" efforts to manipulate regulation

Anything else?

[leftyohiolib]

11. knock knock- who's there-ifired-ifired who-ifired you now gtfu

i know she resigned