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MY BAD

JPMorgan Exec Resigns Over Losses

Takes responsibility for bad credit investments.

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Scott Eells / Bloomberg via Getty Images

Ina Drew, one of Wall Street's most powerful women, will be resigning from her role as chief investment officer at JPMorgan Chase as the bank is struggling to recover from $2 billion in trading losses. Drew ran the unit responsible for the losses and had offered to step down after the scale of the loss came to light earlier this week, though CEO Jamie Dimon initially refused to accept Drew's offer. Dimon called the loss a "terrible egregious mistake" as stock prices fell and the company faces losing a sum total of $800 million in the second quarter. Two other top executives were also expected to be out of their jobs come Monday.

Read it at The New York Times

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