According to the Wall Street firm, JPMorgan executive, Ina Drew responsible for the London-based division made a trading mistake of two billion dollars, now she will resign after more than 30 years of service.
The bank’s co-chief of global fixed income in its investment bank, Matt Zames, would replace the ousting Drew. Last Sunday, JPMorgan boss Jamie Dimon said he was “dead wrong” to dismiss concerns about trading at the bank.
Dimon said in New York that, “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.” (AV)