Bank exec who oversaw $2 billion loss steps down

An executive at JP Morgan Chase has agreed to step down after the nation's largest bank suffered a $2 billion trading loss in a matter of weeks.

The bank announced Monday that Ina Drew, the firm's chief investment officer, who presided over the deal, was retiring.

"Ina Drew has been a great partner over her many years with our firm,” said Jamie Dimon, JP Morgan's chief executive. “Despite our recent losses in the CIO, Ina’s vast contributions to our company should not be overshadowed by these events.”

Two of Drew's lieutenants are also expected to resign in the near future over the loss, according to The New York Times.

A 30-year veteran of the bank, Drew oversaw the complex bet on corporate debt that thrust JP Morgan under harsh public scrutiny, both on Wall Street and in Washington. Dimon announced Thursday the bank had lost $2 billion in about six weeks on the trade, and could lose up to $1 billion more when the dust settles.

The bank's surprising loss has reignited the debate on Wall Street reform, with Democrats and Wall Street reform advocates pouncing on the news as proof that Wall Street still needs to be reined in.

Regulators are currently writing rules implementing the Dodd-Frank financial reform law.

Matt Zames, who co-heads the bank's global fixed income branch, will take over for Drew as CIO.

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