Photo: slight clutter on flickr
JPMorgan Chase has named a new Chief Investment Officer following the $2 billion trading loss related to derivatives in the bank’s London office. Ina Drew, a 30-year veteran at JPMorgan Chase who was responsible for risk management, announced she is retiring from her post as CIO following the recent trading blunder. She has been replaced by Matthew E. Zames.
So who is this new CIO?
Zames, 41, is the co-head of global fixed income in the investment bank and the head of capital markets within the mortgage bank.
In his new role as CIO, Zames will still continue his mortgage-related responsibilities and he will also join the firm’s Operating Committee, the bank said in its release.
“Matt Zames is a world-class risk manager and executive — highly regarded for his judgment and integrity. And Daniel Pinto is an outstanding leader as well, who has managed markets businesses successfully around the world and is helping us drive our international growth agenda,” JPMorgan’s CEO Jamie Dimon said in a statement.
Even in his early 40s, Zames has been considered a potential contender to succeed Jamie Dimon as chief executive officer.
During a CNBC segment back in November 2010, the financial television network accidentally posted the wrong picture of Zames when discussing potential candidates for the CEO position. Deal Journal reported that the photo may have been Andrew Madoff, the son of convicted Ponzi-schemer Bernie Madoff (Whoops!).
And speaking of Madoff, Zames was identified in federal bankruptcy court filing by Irvin Picard as the JPMorgan employee who warned a bank executive back in 2007 about Madoff’s returns speculating that it was a Ponzi scheme, according to a New York Times’ report.
Turns out he was right about that one.
Prior to joining JPMorgan in 2004, Zames worked as a managing director at Credit Suisse where he was the co-head of US Rated Trading. Before that, he was a trader at Long Term Capital Management INC — a hedge fund that failed in the late 1990s.
He currently sits on several boards including US Treasury Borrowing Advisory Committee (Chairman); MIT Sloan Finance Advisory Board; and JPMorgan’s Investment Bank Management Committee (member.)
He graduated from MIT Sloan School of Management with a bachelor’s degree in 1993.
Watch below: The Fallout From JP Morgan’s $2 Billion Loss
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