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JPMorgan's disastrous $2 billion trading loss has officially claimed its first casualty. Chief Investment Officer Ina R. Drew, a 30-year veteran of JPMorgan and one of Wall Street's most prominent women, retired today, the AP reports. Drew was responsible for overseeing the disastrous trades. Executives say she ordered them to protect the bank from turmoil in Europe, but didn't foresee a sudden market shift that turned a huge bet into a $2 billion loss, the New York Times reports. She'll be replaced by Matt Zames, the bank's current co-chief of global fixed income.
Also expected to resign are Achilles Macris, who led the London-based desk that made the trades, and Javier Martin-Artajo, a leader on Macris' team. Trader Bruno Iksil, known as "the whale" for the large positions he took in credit derivative markets, will probably step down too, the Wall Street Journal notes. CEO Jamie Dimon, who yesterday called the bank's behavior "sloppy" and "stupid," will keep his job.
