Chase CIO Steps Down Amid $2 Billion Trade Loss
To view our videos, you need to
install Adobe Flash 9 or above. Install now.
Then come back here and refresh the page.
JP Morgan Chase's chief investment officer is retiring following the bank's $2 billion trading loss.
The company says Ina Drew has decided to retire after 30 years with the firm.
Matt Zames will take over as the bank's CIO.
The bank has also announced the creation of a team of senior executives to oversee
and coordinate the firm's response to the recent losses.
Speaking on NBC's "Meet the Press" this week, Chase CEO Jamie Dimon admitted the company ignored red flags and took far too much risk on an unproven derivative strategy.
He said the loss came during the last six weeks as the bank was trying to hedge against financial risk, not making a profit.
Dimon says despite the loss, the bank is still in good financial shape.
The loss has led lawmakers and critics of the banking industry to call for stricter regulation of Wall Street.