AP source: Top JPMorgan official expected to leave

4:15 PM, May 13, 2012   |    comments
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PALLAVI GOGOI, AP Business Writer

NEW YORK (AP) - A source tells The Associated Press that JPMorgan Chase is expected to accept the resignation of a high-ranking executive soon. The decision comes after one of the bank's trading groups lost $2 billion.

A person familiar with the matter tells the AP that the bank is expected to accept the resignation of Ina Drew. She is the bank's chief investment officer.

The source spoke on condition of anonymity because the person was not authorized to discuss it publicly.

The source says at least two other executives at JPMorgan will be held accountable for the trading blunder.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

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