Fired JP Morgan CEO gets $32 million dollars as her severance pay [View all]

[Ichingcarpenter]

The bank lost $2 billion, the boss walks off with $32m
May 15, 2012

na Drew, the executive who ran the department behind JP Morgan's $US2 billion trading loss, has left the bank and will walk away with about $US32 million.
The 55-year-old chief investment officer oversaw the division that made bets that JP Morgan has warned could rack up a further $US1 billion in losses.
She will be replaced by Matt Zames, head of fixed income at JP Morgan's investment bank and a former proprietary trader.
One of the best-paid women on Wall Street, Ms Drew last year received a remuneration package worth $US15.5 million.
Corporate filings show that following her resignation she is entitled to $US400,000 in severance as well as a share award that was worth $US16 million yesterday. On top of this, she has unexercised options that were valued at the end of last year at $US3.44 million, a series of retirement benefits worth a further $US2.63 million, and a $US9.87 million deferred compensation pot built up over several years.

Ms Drew, who spent more than 30 years at the bank, is not expected to be the only executive to depart in the wake of a loss that has damaged JP Morgan's reputation for risk management. Achilles Macris, who ran the London division of JP Morgan's chief investment office (CIO), and Javier-Martin-Artajo, a trader who worked in the unit, are also reported to be leaving.
"Despite our recent losses, Ina's vast contributions to the company should not be overshadowed by these events," said Jamie Dimon, the bank's chairman and chief executive.

The pressure on Mr Dimon will be increased on Tuesday at the bank's annual meeting in Tampa, Florida, where shareholders will want to hear a fuller account of what went wrong. The losses, disclosed on Thursday, have already wiped more than $15bn from the bank's market value.
JP Morgan is also parachuting in Mike Cavanagh, who runs the bank's Treasury department, to head up the company's response to the losses. Traders from the investment bank will help unwind the trades that triggered the losses.

Meanwhile, JP Morgan's decision to move its European headquarters from the City to the Docklands development in July will help Canary Wharf overtake the City of London as the heart of the British financial services industry this year, according to figures produced by the Financial Times.
Telegraph, London

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