CIO retires in the wake of trading loss controversy.
JPMorgan Chase has announced that its chief investment officer, Ina Drew, will retire from the firm. She will be replaced in her role by Matt Zames.
Zames is currently co-head of global fixed income in the company's investment bank, and head of capital markets in the mortgage bank. He will retain his mortgage-related responsibilities in addition to his new role, and join the firm's Operating Committee. Daniel Pinto, who is currently global co-head of fixed income along with Zames, will assume sole leadership of the division.
Drew's retirement comes days after JPMorgan Chase revealed trading losses of $2 billion in its London-based Chief Investment Office. The losses, widely covered in both the mainstream and trade press, have been attributed to the bank's hedging activities and outsized positions taken in credit default swaps. The event is being investigated by both the Financial Services Authority in the UK, and the Securities Exchange Commission in the US.
JPMorgan also announced that Mike Cavanagh, CEO of the Treasury and Securities Services Group, will head up a team of senior executives to coordinate the firm's response to the incident.
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