Ina Drew

  • I will poke you!


    Senate Subcommittee Feasting On Whale Today

    When I got the Senate Permanent Subcommittee on Investigations report on the London Whale last […]

    / Mar 15, 2013 at 11:46 AM
  • inadrewnewyorktimes


    Ina Drew Headed To Washington For A Little Chat Re: Marine Mammals

    The executive who led the J.P. Morgan Chase Co. cash-management unit at the center of […]

    / Mar 13, 2013 at 4:15 PM
  • whale diagram


    JPMorgan Dissects A Whale Carcass

    How should one read JPMorgan’s Whale Report? I suppose “not” is an acceptable answer; the […]

    / Jan 16, 2013 at 1:41 PM
  • Ina Drew


    Ina Drew Spent Her Whole Life Preparing To Construct A Poorly Correlated Credit Macro Hedge

    You’ve all peered into Ina Drew’s soul by now, right? My basic reaction was, “she […]

    / Oct 3, 2012 at 7:47 PM
  • News

    Ina Drew Was Something Of An Anomaly On Wall Street Because She Lived In An Upscale Town Where Many Other Rich Bankers Reside

    Drew was something of an unusual figure on Wall Street and not easily categorized. She […]

    / Oct 3, 2012 at 2:25 PM
  • News

    Confidential To One Small Arachnid: Jamie Dimon Is Coming For You

    The past couple of weeks, some might argue, have been the worst of Jamie Dimon’s professional career. Although being fired by Sandy Weill in 1998 was obviously a distressing time in Dimon’s life, a JPMorgan trader’s multi-billion dollar (and counting) loss appears to be even more painful for the CEO, who now has a reputation (and a title: “America’s Least Hated Banker”) to defend. While it’s unlikely that the blunder will cost him his job, every article written questioning Dimon’s judgment, suggesting that he is in fact fallible, and wondering aloud if he is simply a pretty face (that is about to get the regulation it has vociferously argued against rammed down its throat) clearly hurts. So far, Dimon has chosen to frame the situation, at least publicly, as a group fuck-up, one for which the responsibility is shared among himself, The Whale, The Whale’s bosses, and The Whale’s bosses’ bosses. Over the weekend, though, a heretofore unmentioned character, whose actions set in motion the events that served to tarnish JD’s halo, was added to story. And now, Dimon has a place to channel his anger: on a bloodsucking vermin whose days are numbered.

    Ever since JPMorgan Chase disclosed a multibillion-dollar trading loss this month, the central mystery has been how a bank known for its skill at risk management could err so badly. As early as 2010, the senior banker who has been blamed for the debacle, Ina Drew, began to lose her grip on the bank’s chief investment office, according to current and former traders. She had guided the bank through some of the most rugged moments of the 2008 financial crisis, earning the trust of Jamie Dimon, JPMorgan’s chief executive, in the process. But after contracting Lyme disease in 2010, she was frequently out of the office for a critical period, when her unit was making riskier bets, and her absences allowed long-simmering internal divisions and clashing egos to come to the fore, the traders said. The morning conference calls Ms. Drew had presided over devolved into shouting matches between her deputies in New York and London, the traders said. That discord in 2010 and 2011 contributed to the chief investment office’s losing trades in 2012, the current and former bankers said.

    “When Ina was there, things ran smoothly,” one former trader there said. But Ms. Drew’s firm hand began to weaken after she contracted Lyme disease. Her absences opened the door for tensions among her deputies to flare into the open…Most significant, her deputy in New York was increasingly at loggerheads with her deputy in London who spearheaded the strategy behind the losing bet, Achilles Macris, the current and former traders said. But there was only so much she could do when she was away.

    So, first off, the tick that bit Drew is a dead man (though probably a woman, as “the female adult is usually the one causing the most bites as males usually die after mating”). If people thought Dimon was mad after being informed of the losses, just wait. He’s going to find that bitch tick and shoot her with a cannon. Next, it’s time to put some safeguards in place to protect his bank from anymore “surprises.” Effective immediately, JPMorgan employees are banned from venturing into the forest, for any reason whatsoever. Same goes for grasslands, marshes, and anywhere tall grass grows. Anyone planning on prancing through the meadows in slow motion to meet up with and embrace a loved one in some kind of romantic gesture can forget it. The JMPorgan Outdoor Club is officially disband. Contact with children who are cub scouts is forbidden. Any girl scouts who attempt to set foot on the premises in order to sell cookies will be shot on sight. (These people are breeding grounds for ticks, what with their expeditions into the woods for merit badges and whatnot. He’s going first derivative here, while at the same time trying to not enact mandates that make him look ridiculous.)

    Discord at Key JPMorgan Unit Is Faulted in Loss [NYT]

    / May 21, 2012 at 1:37 PM
  • News

    Jamie Dimon Might Clawback Whale Team’s Bonuses Or He Might Not

    Dimon was approached by reporters after the [shareholder] meeting and was asked about whether executive […]

    / May 15, 2012 at 12:26 PM
  • News

    New JPMorgan CIO Doesn’t Get Out Of Bed For Less Than A Great Depression-Level Financial Catastrophe

    Earlier today, it was announced that Matt Zames had been named JPMorgan’s new Chief Investment Officer, to replace Ina Drew, the woman who supervised the trader responsible for the firm’s whale of a loss and was dismissed over the weekend. Previously, Zames served as the firm’s head of fixed income and while he may be happy to be seen by senior management as a guy capable of putting out at a fire, based on his experience, is probably at least a little bit underwhelmed by the task.

    From Kate Kelly’s Street Fighters:

    Matt Zames had been down this road before. He had started his career at Long-Term Capital Management in the winter of 1994, shortly after college. There he witnessed firsthand what could happen when a bunch of shortsighted executives didn’t manage their risk properly…By the time he reached the sixth floor it was after midnight. His team was huddled with a group of Bear managers in one of the conference rooms. Zames had one question for the Bear team: How much cash and collateral did it have on hand?…Zames shook his head. “This isn’t going to be necessary,” he told them. “This whole thing is fucked.”

    Guy had a front-row seat for LTCM and Bear’s implosion and now he’s being asked to do what, exactly? Clean up a minor mess at a *solvent* bank? It’s almost a little insulting, actually. Call him when you’ve got SOMETHING REAL.

    JPMorgan Says Ina Drew to Retire, Replaced by Zames as CIO [Bloomberg]

    / May 14, 2012 at 12:25 PM