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After $2 Billion Trading Disaster, JP Morgan Exec Expected to Resign

AP Photo/Mark Lennihan, File

AP Photo/Mark Lennihan, File
In this May 11, 2012 file photo, people stand in the lobby of JPMorgan Chase headquarters in New York. JPMorgan Chase accepted the resignation of Ina Drew, its chief investment officer and one of the highest-ranking women on Wall Street after the bank lost $2 billion in a trading blunder.

JPMorgan Chase is expected to accept the resignation of one of the highest-ranking women on Wall Streetafter the bank lost $2 billion in a trading blunder, a person familiar with the matter said Sunday.

The bank will accept the resignation of Ina Drew, its chief investment officer, the person told The Associated Press, speaking on condition of anonymity because the person was not authorized to discuss the decision publicly.

Drew, 55, one of the highest-paid officials at JPMorgan Chase, had offered to resign several times since CEO Jamie Dimon disclosed the trading loss on Thursday, the person said. Pressure built on the bank over the weekend to accept.

At least two other executives at the bank will be held accountable for the mistake, the person said.  Read More

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Posted on May 14, 2012, in #business news, #financing and tagged , , , , , , . Bookmark the permalink. 1 Comment.

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