In the wake of Friday’s announcement of a surprise $2 billion trading loss, JP Morgan Chase Monday said it named Matt Zames its new chief investment officer.
Ina Drew will retire from the firm, after 30 years at the bank. She had been the head of its chief investment office, charged with managing risks for the firm’s capital markets business.
Zames currently is co-head of Global Fixed Income in JPMorgan’s Investment Bank and head of Capital Markets within its mortgage bank.
He will keep his mortgage-related responsibilities. He will also join the firm’s Operating Committee.
Daniel Pinto will become sole head of the Global Fixed Income group. Pinto will also remain chief executive of the firm’s Europe, Middle East and Africa region, based in London.
Mike Cavanagh, CEO of JPMorgan’s Treasury & Securities Services group, will lead a team of senior executives that will oversee and coordinate the “firmwide response to the recent losses in the Chief Investment Office,’’ the company said.
“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 Jamie Dimon, Chairman and CEO.