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Mon May 14, 2012
JPMorgan Chief Investment Officer Leaving after $2B Trading Blunder
JPMorgan Chase says its chief investment officer is retiring after a $2 billion trading blunder.
The bank says Ina Drew will leave after more than 30 years at the company. She oversaw the trading group responsible for the bad trade.
JPMorgan says Matt Zames, the bank's co-chief of global fixed income in its investment bank, will take Drew's place.
The trading mistake has hammered JPMorgan's stock price and complicated its efforts to fight regulatory changes after the financial crisis.
Copyright 2012 The Associated Press. All Rights Reserved.