Ina Drew, the JPMorgan Chase & Co. executive who headed the bank's unit responsible for a stunning $2 billion trading loss, will retire, the bank announced.
Chief Investment Officer Drew will step down after more than 30 years with the bank, though the bank's announcement did not specify when she would depart.
A source familiar with the situation told The Times on Sunday that Drew had offered repeatedly to resign and that her resignation would likely be accepted this week.
“Ina Drew has been a great partner over her many years with our firm," Jamie Dimon, JPMorgan's chairman and chief executive officer, said in a statement. "Despite our recent losses in the CIO [Chief Investment Office], Ina’s vast contributions to our company should not be overshadowed by these events."