Top JPMorgan Chase Executive Resigns Following $2 Billion Loss

(Newsroom America) -- Fallout from JPMorgan Chase's $2 billion loss continues with the company announcing that Chief Investment Officer, Ina Drew, will retire from the firm.

Ms Drew has served the firm for more than 30 years, most recently as head of the Chief Investment Office, snd was reportedly the bank's 4th highest paid executive drawing a salary of $14 million.

The chief executive, Jamie Dimon, revealed the bank’s $2 billion loss on Thursday, and on NBC's “Meet the Press” on Sunday said the company made "a terrible egregious mistake. There's almost no excuse for it."

But he added the company was going to earn "a lot of money this quarter. And so it's a very strong company."

Matt Zames, currently co-head of Global Fixed Income in the Investment Bank and head of Capital Markets within the Mortgage Bank, will take over as the firm’s Chief Investment Officer and continue in his mortgage-related responsibilities.

CEO of the Treasury & Securities Services (TSS) group, Mike Cavanagh, will lead a dedicated team of senior executives from across the company to oversee and coordinate the firm wide response to the recent losses in the Chief Investment Office.

"As part of this effort, Mike will ensure that best practices and lessons learned are carried across the firm. Mike will continue to oversee TSS but will be largely dedicated to this project for the near future.

“Ina Drew has been a great partner over her many years with our firm. Despite our recent losses in the CIO, Ina’s vast contributions to our company should not be overshadowed by these events,” said Mr Dimon.