Photo: CNN Money via JPMorgan Chase
JPMorgan’s former CIO Ina Drew, who oversaw the division responsible to the the $2 billion trading loss revealed last month, retired with about $21.5 million in stock and options, Bloomberg News’ Dawn Kopecki reports.Drew will be able to keep around $17.1 million in unvested restricted shares and about $4.4 million in options, the report said citing regulatory filings and estimates from consulting firm Meridian Compensation Partners.
Bloomberg points out that had she been terminated from the bank “with cause” she would have to forfeit those stock and options.
On May 10th, JPMorgan’s CEO Jamie Dimon revealed in a surprise conference call a $2 billion trading loss in the bank’s Chief Investment Office in London related to derivatives trades.
Just days after JPMorgan Chase revealed that multi-billion dollar trading blunder in its chief investment office, Drew, a 30 year veteran at JPMorgan who was head of risk management, retired.
JPMorgan is expected to announce the losses from its credit trader Bruno Iksil, a.k.a. the “London Whale,” will total $5 billion, according to the Financial Times.