JPMorgan investment chief resigns after $2 billion loss

JPMorgan Chase said its chief investment officer Ina Drew was resigning in the wake of its stunning $2 billion loss on derivatives trading.

Drew is "retiring" after more than 30 years at the bank, JPMorgan said.

Her departure comes days after the bank reported a huge "egregious" loss that came under her responsibility at the bank's chief investment officer.

"Ina Drew has been a great partner over her many years with our firm," chief executive and chairman Jamie Dimon said.

"Despite our recent losses in the CIO, Ina's vast contributions to our company should not be overshadowed by these events," Dimon said. No mention was made in the statement of any of the other CIO officials reportedly involved in the loss.

The Wall Street Journal said two other high-ranking executives were set to leave this week: Achilles Macris, who heads the London-based desk that placed the trades, and trader Javier Martin-Artajo, a managing director on Macris's team.

Attention has also focused on the role of a London-based JPMorgan trader, French-born Bruno Michel Iksil, nicknamed "The London Whale" and "Voldemort," after the villain in the Harry Potter books.

Drew had repeatedly tendered her resignation since the extent of the loss became apparent in late April, but Dimon had refused to accept it until now, according to the reports. She will be replaced by Matt Zames, currently head of JPMorgan's global fixed-income unit.

Losses show need for Wall Street reform - White House

The White House said today that the massive derivatives trading losses incurred by JPMorgan Chase highlighted the need to "fully implement" Wall Street reforms passed in 2010.

"This event only reinforces why it was so important to pass Wall Street reform, why it is so important to fully implement Wall Street reform," White House spokesman Jay Carney said on board Air Force One.

"Ever since it passed, there's been millions and millions of dollars spent by Wall Street lobbyists to try to water down, delay, and render ineffective those rules to be put into place," Carney said.