Fallout Begins from Big JPMorgan Chase Loss

Posted May 14th, 2012 at 11:55 am (UTC-5)
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The fallout has begun from a $2 billion financial trading loss at the U.S.-based JPMorgan Chase investment company.

The firm said Monday that Ina Drew, JPMorgan's chief investment officer and one of Wall Street's highest paid female executives, is retiring. The company paid her $29 million in the last two years for her profitable investment trading decisions.

But she is leaving after three decades at the firm in the aftermath of the loss in the company's London division that she headed. Other officials are rumored to be quitting. JPMorgan named Matt Zames, another of its officials, to replace Drew.

JPMorgan's chief executive, Jamie Dimon, has often lobbied U.S. government officials in Washington against tighter controls of complex financial transactions involving millions of dollars. But last week he said the transactions that resulted in the huge loss were “poorly reviewed, poorly executed and poorly monitored” by key company officials.