FREEDOM PROJECT: Keiser Report: Countdown to Armageddon (E288) ...
FREEDOM PROJECT: U.S. Deficit is unsustainable: Geithner...
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200+ Executives Flee JP Morgan!
FREEDOM PROJECT: CIO Ina Drew JPMorgan Departure: Bank Expected To Accept Resignation Of Chief Investment Officer, Source Says
Ina Drew JPMorgan Departure: Bank Expected To Accept Resignation Of Chief Investment Officer, Source Says
By PALLAVI GOGOI 05/13/12 08:22 PM ET 
NEW YORK — JPMorgan Chase is expected to accept the resignation of one of the highest-ranking women on Wall Street after 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.
The casualties come as JPMorgan, the largest bank in the United States, seeks to minimize the damage caused by the $2 billion loss. Investors shaved almost 10 percent off JPMorgan's stock price on Friday.
Dimon has said the mistake will complicate the efforts of banks to fight certain regulatory changes three years after the financial crisis.
read more:
http://www.huffingtonpost.com/2012/05/13/ina-drew-jpmorgan-resignation_n_1513490.html
Similar News:
http://www.cbsnews.com/8301-18563_162-57433413/top-jp-morgan-chase-exec-to-resign-over-loss/
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FREEDOM PROJECT: JPMorgan Chase hit with class-action lawsuit over $2B in trading losses...
By Jia Lynn Yang, Published: May 16
A class-action lawsuit was filed Tuesday against JPMorgan Chase on behalf of investors accusing the bank of misleading shareholders about the $2 billion in trading losses that have roiled the company this week.
Lawyers said the bank did not fully disclose the risky nature of JPMorgan’s trades. The lawsuit alleges the bank falsely told shareholders that its bets on financial instruments known as derivatives were “hedges” that would help the firm offset overall risk in its portfolio. Instead, lawyers say, the bank was betting purely for profit and did not fully disclose how much money the bank had already lost before by the time it held an April 13 conference call with investors.
