JP Morgan chief investment officer steps down

JP Morgan chief investment officer steps downThe chief investment officer of JPMorgan Chase, Ina Drew, who was overseeing the department behind the global bank’s shocking $2 billion trading loss, has stepped down.

Drew was managing the division that made bets which could result in a further $1 billion in losses. Matt Zames, head of fixed income at JP Morgan's investment bank, who earlier worked as a proprietary trader, will replace her as the bank’s next chief investment officer.

Information that Drew was among the best paid woman on Wall Street and received a package of $15.5 million in the previous year could upset shareholders. She left the bank with about $32 million, according to corporate filings.

After her resignation she is entitled to $400,000 in severance and share award, which is worth about $ 16 million at current market prices. Besides this, she has unexercised options valued at $3.44m, several retirement benefits worth $2.63 million, and a $9.87m deferred compensation collection. Drew has been working for the bank for the last 30 years.

Meanwhile, Chase chief executive Jamie Dimon is heading to Tampa, Florida to answer to investors at the bank's annual meeting about the sudden loss at the bank due to trading decisions.