JPMorgan investment chief out
NEW YORK (CNNMoney) — JPMorgan Chase announced Monday that Ina Drew, the firm’s chief investment officer, has left the bank after revelations of a $2 billion loss sustained over the past six weeks.
A statement issued by the company said Drew made the decision to retire, a move that was widely expected after the company disclosed the unit she managed had suffered a major loss.
The group had been making trades designed to hedge against risk, but had amassed a large position in credit-default swaps that began to sour.
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