With JPMorgan Chase's Ina Drew Out, Few Top Wall Street Women Left Standing
Forbes reports that after a stunning $2 billion trading loss, JPMorgan Chase‘s chief investment officer, Ina Drew, 55, will step down. The 30-year banking veteran oversaw the London unit responsible for the ill-fated trades and was one of three resignations announced so far, including a top London official, Achilles Macris, and a senior trader, Javier Martin-Artaj.
The exit of one of Wall Street’s most powerful women spotlights the dwindling numbers of women at the top. Last year, Sallie Krawcheck left her post as Bank of America‘s president of global wealth management, and Heidi Miller retired as head of JPMorgan’s international operations. This followed the headline-making departures of Lehman Brothers CFO Erin Callan in 2008 and Morgan Stanley president Zoe Cruz in 2007.
“Here we go again. Another woman at the top of Wall Street is toppled,” says Jane Newton, founder of the Wall Street Women Forum and wealth manager and partner at RegentAtlantic Capital. “[Drew] was one of the most experienced, savvy and respected Wall Streeters. This is a blow to other women who want to climb to the top. There’s one less role model and one less female leader to bring diversity, which is sorely needed.”