J.P. Morgan's Drew, Two Others Out Over $2 Billion Loss

It's an ignomonious end to a 30-year career.

Ina Drew, the head of the unit that caused a $2 billion trading loss at J.P. Morgan will resign, expected to leave as early as today, according to The Wall Street Journal. One of the bank's highest ranking women, as head of the Chief Investment Office she earned $15.5 million in total compensation last year, the bank's securities filings say, and had, until last week, a reputation as a savvy trader who rarely put a foot wrong.

That reputation is now, if not in tatters, severely damaged. Drew, 55, tried to downplay the issues surrounding the losing trades on credit derivatives, people familiar with the situation have told the Journal and other news outlets. Once the magnitude of the losses became clear, she offered to resign.

Also said to be leaving the bank are Achilles Macris, who is in charge of the London-based desk that placed the trades; and trader Javier Martin-Artajo, a managing director on Macris' team.

The fallout isn't unexpected. Last week Chief Executive Jamie Dimon said the bank would take "corrective action." Dimon initially resisted accepting Drew's resigination, according to the New York Times.

Over the weekend, regulators and folks in congress began to weigh in, pointing out that J.P. Morgan has lobbied against rules that would prevent banks from taking the kinds of risks the CIO took. The Securities and Exchange Commission has opened an inquiry into the trades.

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