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One of Wall Street's most powerful women retires after $2 billion trading loss

Ina Drew had been with JP Morgan for more than 30 years.

A trader at the post that handles JP Morgan at the New York Stock Exchange on Friday
A trader at the post that handles JP Morgan at the New York Stock Exchange on Friday
Image: AP Photo/Richard Drew

ONE OF THE most high-ranking women on Wall Street has announced her retirement, days after the bank she worked for revealed an unexpected trading loss of $2 billion.

JP Morgan, America’s biggest bank, has said three high-ranking staff members will be replaced as pressure increases on the bank over the trading mistakes. Ina Drew was the head of investment at the bank and had been with the company for more than 30 years.

Drew earned around $15.5million (€12 million) last year and was one of the most powerful executives at the firm. She had offered to resign a number of times after the bank discovered the size of the losses, the Guardian reports.

JP Morgan revealed on Thursday that it had lost over $2 billion in six weeks in trading on complex financial investments.

The head of the bank said that management strategies at the bank’s main investment office were “riskier” than previously believed, which had resulted in “sloppiness” and “egregious mistakes”.

“It’s important to remember that our company is very strong and well capitalised, with leading franchises across our businesses,” said JP Morgan CEO Jamie Dimon.

He added that the business would “withstand setbacks like this, and we will learn from our mistakes and remain diligently focused on our clients, who count on us every day.”

JP Morgan blames ‘sloppiness and bad judgement’ for surprise $2 billion loss >

Explainer: How can JP Morgan lose $2 billion in less than six weeks?

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