Photo: JPMorgan via CNN
During last night’s dramatic, impromptu conference call regarding the firm’s pending $2 billion+ loss from bad hedges, JPMorgan CEO Jamie Dimon said the responsible trading desk was “poorly reviewed, poorly executed and poorly monitored.”So who was asleep at the wheel?
That may be Ina Drew, a 30-year veteran of the bank whose risk-monitoring team is being reevaluated, Max Abelson at Bloomberg reports this morning.
Drew, according to Bloomberg, has built a career on “embracing risk” while “avoiding the spotlight.”
The 55-year-old is one of only two women who sit on the bank’s operating committee. She oversees about $360 billion in assets, Bloomberg reports.
She began her career at Chemical Bank, which was later merged with Chase Manhattan. A former human resources manager at Chemical told Bloomberg: “She was scary- smart, she was very determined, she was very low-key compared to the crazies that you find on a trading floor — but very, very determined.”
Drew took over the chief investment office in Feb. 2005.
Dimon, according to Bloomberg, said yesterday that the portfolio she managed almost doubled in recent years.
In 2008, a glowing profile of JPM management by Money Magazine highlighted how Drew made “hundreds of millions” betting that credit spreads would widen.
It now appears they should have stuck by those guns. According to the Wall Street Journal’s Colin Barr, the London Whale desk made massive bets on corporate credit improving, bets Barr says have blown up in the volatile market environment.
Drew’s compensation last year was $14 million, according to Bloomberg.
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