JPMorgan executive to step down after shock $2bn loss

The chief investment officer at the US’s biggest bank is to step down after it unveiled shock $2bn (€1.55bn) losses last week.

JPMorgan Chase & Co yesterday said that chief investment officer Ina Drew will retire after the firm suffered a $2bn trading loss, marking the downfall of one of the highest-ranking women on Wall Street.

Ms Drew, 55, will be succeeded by Matt Zames, 41, the co-head of global fixed income in the bank.