Photo: Wikimedia Commons
Just days after JPMorgan Chase revealed that multi-billion dollar trading blunder in its chief investment office in London, the bank’s Chief Investment Officer retired.The CIO was a woman named Ina Drew, 30 year veteran at JPMorgan who was head of risk management.
What’s interesting is some of the traders the newspaper spoke to have placed blame on a period of time when Drew — who is credited with helping guide the bank during the financial crisis — was absent after contracting Lyme disease, a tick-borne illness.
From the NYTimes (emphasis added):
But after contracting Lyme disease in 2010, she was frequently out of the office for a critical period, when her unit was making riskier bets, and her absences allowed long-simmering internal divisions and clashing egos to come to the fore, the traders said.
The morning conference calls Ms. Drew had presided over devolved into shouting matches between her deputies in New York and London, the traders said. That discord in 2010 and 2011 contributed to the chief investment office’s losing trades in 2012, the current and former bankers said.
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