JP Morgan banker who led unit that had loss to resign

The $2 billion trading loss at JPMorgan Chase will claim its first casualty among top officials at the bank as early as today, with chief executive Jamie Dimon set to accept the resignation of the executive who oversaw the trade, Ina R Drew.

Ms Drew (55), who has worked at the company for three decades and serves as chief investment officer, had repeatedly offered to resign since the scale of the loss became apparent in late April, but Mr Dimon had held off until now on accepting it, several JPMorgan Chase executives said.

– (New York Times)