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JPMorgan investment chief out
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Contributor | Brandonius Maximus |
Last Edited | Brandonius Maximus May 14, 2012 10:06am |
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Category | News |
Author | Charles Riley @CNNMoney |
News Date | Monday, May 14, 2012 04:05:00 PM UTC0:0 |
Description | 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.
Net losses, after factoring in other securities gains, are expected to exceed $800 million by the end of the second quarter. And losses could increase depending on market conditions and the bank's actions moving forward. |
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