Daily News: June 29, 2012

JPMorgan CIO Walks Away With $21.5 Million

Bloomberg reported that JPMorgan Chase’s decision to let chief investment officer Ina Drew retire four days after the bank disclosed a $2 billion loss in her division allowed her to walk away with about $21.5 million in stock and options.

According to regulatory filings and estimates from a consulting firm Bloomberg said that Drew can keep $17.1 million in unvested restricted shares and about $4.4 million in options that she otherwise would have been required to forfeit if the New York-based bank had terminated her employment “with cause.”

To read the full Bloomberg story click here.

Previously on abfjournal.com:

NYT: Discord at JPMorgan Unit Blamed in Huge Loss, Tuesday, May 22, 2012

JPMorgan Announces Management Changes; Drew to Retire, Monday, May 14, 2012