Daily News: May 14, 2012

JPMorgan Announces Management Changes; Drew to Retire

JPMorgan Chase announced on May 14, 2012 that Ina Drew, chief investment officer, has made the decision to retire from the firm. Drew has served the firm for more than 30 years, most recently as head of our chief investment office.

The bank said Matt Zames, currently co-head of global fixed income in the investment bank and head of capital markets within the mortgage bank, will succeed Drew as the firm’s chief investment officer and continue in his mortgage-related responsibilities. Zames will also join the firm-wide operating committee. Daniel Pinto, currently co-head of global fixed income with Zames, will become sole head of the group. Pinto will also remain CEO of the Europe, Middle East and Africa region, based in London.

Mike Cavanagh, CEO of the bank’s treasury & securities services (TSS) group, will lead a dedicated team of senior executives from across our company to oversee and coordinate our firm-wide response to the recent losses in the chief investment office. As part of this effort, Cavanagh will ensure that best practices and lessons learned are carried across the firm. Cavanagh 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 Jamie Dimon, chairman and CEO.

Dimon added, “Matt Zames is a world-class risk manager and executive — highly regarded for his judgment and integrity. And Daniel Pinto is an outstanding leader as well, who has managed markets businesses successfully around the world and is helping us drive our international growth agenda.”

“I’m also pleased that Mike Cavanagh is leading our team focused on challenges related to our recent investment losses,” Dimon added. “Mike was previously CFO of our firm, with great experience managing business and control functions around the company.”

Dimon concluded, “It’s important to remember that our company is very strong and well capitalized, with leading franchises across our businesses. We maintain our fortress balance sheet and capital strength to withstand setbacks like this, and we will learn from our mistakes and remain diligently focused on our clients, who count on us every day.”