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  JPMorgan investment chief out
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ContributorBrandonius Maximus 
Last EditedBrandonius Maximus  May 14, 2012 10:06am
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AuthorCharles Riley @CNNMoney
News DateMonday, May 14, 2012 04:05:00 PM UTC0:0
DescriptionNEW 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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