JPMorgan Chase
Ina Drew gets the $2 billion axPosted by RJ and Makay on May 14, 2012 |
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JPMorgan Chase chief investment officer Ina Drew, a 30-year veteran of the company, has decided to retire from the firm, JPMorgan announced today. Matt Zames, the current co-head of Global Fixed Income and head of Capital Markets within the Mortgage Bank department, will succeed Ms. Drew as the firm’s chief investment officer and will also continue in his mortgage-related responsibilities.
This year’s first-quarter stock market performance was the best in many years. The Standard and Poor’s (S&P) 500 index rose 12% from the end of Q4 2011, and the Dow Jones industrial average surged 8.14%, the largest gains since Q1 1998. The Nasdaq showed the largest gain with an increase of 19%, its strongest first-quarter gain since 1991. The increases replenished almost $1.85 trillion into the market since January.
JPMorgan Chase & Co. was the first bank today to announce that Federal Reserve regulators have finished stress tests of its balance sheet and approved both a dividend increase and stock buybacks. This afternoon, the Wall Street Journal issued a WSJ Markets Alert: JPMorgan, Bank of America Pass Fed’s Stress Tests. JPMorgan said that it will up its quarterly dividend by 5 cents, to 30 cents, and buy back up to $12 billion of stock this year.
