JPMorgan Chief Investment Officer Leaves After $2 Billion Loss

1Timothy 6:9,10 Ma quelli che vogliono arricchire cadono in tentazione e in un laccio, e in molte insensate e funeste concupiscenze, che affondano gli uomini nella rovina e nella perdizione. Per l'amore del denaro è la radice di tutti i mali: che mentre alcuni ambita dopo, hanno deviato dalla fede, e si son trafitti di molti dolori.

“To my surprise, after months of studying Jesus, I conclude that He did not have one good thing to say about money.” Jim Bakker in “Prosperity and the Coming Apocalypse”

Ina Drew, the chief investment officer for JPMorgan Chase, resigned after 30 years with the company due to mismanagement that led to a $2 billion dollar loss by the largest US bank. The bank’s co-chief of global fixed income will take over as CIO.

The poor investments have apparently been restricted to the company’s London office where other staff members are expected to resign or be terminated.

JPMorgan head, Jamie Dimon, admitted he was “dead wrong” to dismiss concerns about trading but reiterated the strength of his company.

“It’s important to remember that our company is very strong,” Dimon said in a prepared statement. “We maintain our fortress balance sheet and capital strength to withstand setbacks like this.”

Dimon had ignored speculation that the bank was facing losses. Trading of JPMorgan’s shares fell almost 10% in trading on Friday as news broke of the losses. It opened Monday down another 3%.

Even with the loss, the company is expected to show a $4 billion profit this quarter.