Can Executive Changes Save JPMorgan?
Matt Zames was destined to move up the JPMorgan chain of command one way or another--replacing one of the most respected and well paid executives and making sure there won't be any more $2 billion blunders probably fits into the latter.
Matt Zames was destined to move up the JP Morgan chain of command one way or another--replacing one of the most respected and well paid executives and making sure there won't be any more $2 billion blunders probably fits into the latter. Bloomberg is reporting today that Ina Drew, the executive who called the shots which ultimately landed America's most powerful and richest banks with a $2 billion loss will retire today and Zames, a star in Morgan's investment unit, has been named JP Morgan's new Chief Investment Officer. We had reported previously that Drew's resignation was expected after being announced on Thursday, but the AP believes that the cuts won't stop with Drew, "one of the highest-ranking women in Wall Street". They are reporting that "at least two other executives at the bank will be held accountable for the mistake."