Jamie Dimon
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.
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.
In dozens of comment letters filed Monday, bankers and their trade associations said the Volcker Rule would increase risk and costs for investors, hurt U.S. competitiveness and be vulnerable to legal challenge. The comments came as the world’s largest banks demanded a list of changes to a proposed U.S. ban on proprietary trading five months before the Volcker Rule is scheduled to take effect.
