JP Morgan chief investment officer retires after $2 billion loss

14 May 2012

Leading global financial services firm JPMorgan Chase & Co (JPM) today said that its chief investment officer Ina Drew is stepping down after serving the firm for more than 30 years.
Her departure comes days after JPM incurred losses of $2 billion due to an 'egregious' failure in a unit managing risks (See: JP Morgan Chase $2 billion loss roils markets).

''Ina Drew has been a great partner over her many years with our firm. Despite our recent losses in the CIO, Ina's vast contributions to our company should not be overshadowed by these events,'' said Jamie Dimon, chairman and CEO.

Matt Zames, currently co-head of Global Fixed Income in the investment bank and head of Capital Markets within the Mortgage Bank, will succeed Ina, while continuing in his mortgage-related responsibilities, the bank said in a release.

Daniel Pinto, currently co-head of Global Fixed Income with Matt, will become sole head of the group. Daniel will also remain CEO of Europe, Middle East and Africa region, based in London.

''Matt Zames is a world-class risk manager and executive - highly regarded for his judgment and integrity. And Daniel Pinto is an outstanding leader as well, who has managed markets businesses successfully around the world and is helping us drive our international growth agenda,'' Dimon added.

Mike Cavanagh, CEO of Treasury & Securities Services (TSS) group, will lead a dedicated team of senior executives from across the company to oversee and coordinate firm-wide response to the recent losses in the Chief Investment Office.