Former JPMorgan CIO’s Golden Parachute May Be Clipped

by Christopher Freeburn | June 6, 2012 11:01 am

Former JPMorgan CIO’s Golden Parachute May Be Clipped

Ina Drew isn’t having a good year, so far.

Last month, JPMorgan Chase‘s (NYSE:JPM[1]) former chief investment officer was forced out of the company in the wake of a $2 billion trading loss stemming from the firm’s London office.

Now, federal regulators say that some of the $14.7 million severance package Drew received on her departure, as well as compensation to other JPMorgan executives, should be returned[2] due to the losses, CNN reports.

Drew’s golden parachute included JPMorgan shares, $10 million in deferred compensation and $2.6 million in pension funds.

In testimony to be offered before Congress on Wednesday, Comptroller of the Currency Thomas Curry said he is looking at CIO compensation levels at JPMorgan Chase and is considering “remedial measures” if the company doesn’t take steps to “clawback” some of that money.

Federal regulators are currently pouring over JPMorgan’s trading records to determine the exact nature of the credit default swaps that led to the losses.

Shares of JPMorgan rose more than 2% in early Wednesday trading.

Endnotes:
  1. JPM: http://studio-5.financialcontent.com/investplace/quote?Symbol=JPM
  2. should be returned: http://money.cnn.com/2012/06/05/news/companies/JP-morgan-senate/

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