Retirement will be more than just a gold watch for the JPMorgan Chase executive who apparently supervised the London traders responsible for the company’s highly publicized $2 billion shortfall.
Chief Investment Officer Ina Drew retired in May shortly after the losses went public, but the firm let her exit with a golden parachute worth in excess of $21.5 million in stock and options.
The Bloomberg news agency explains:
Drew, who resigned May 14, can keep $17.1 million in unvested restricted shares and about $4.4 million in options that she otherwise would have been required to forfeit if the New York-based bank had terminated her employment “with cause,” according to regulatory filings and estimates from consulting firm Meridian Compensation Partners LLC.
With the inclusion of additional stock, deferred pay, and pension benefits, she’s going to take home nearly $60 million after three decades with the country’s largest bank, Bloomberg estimates.
As The Inquisitr has previously reported, it appears that the $2 billion loss in credit derivatives announced by JPMorgan CEO Jamie Dimon may have underestimated the scope of the deficiency. Some industry observers claim it could be in the range of $6-$9 billion.
The head of an executive search firm told Bloomberg that Drew’s retirement package wasn’t out of line even under these circumstances:
You have to look at the whole scenario. This woman was running a $370 billion portfolio, and a $2 billion or $3 billion loss is 1 percent.
In general, how do you feel about corporate executives under a cloud who walk away (or who are permitted to walk away) with that kind of cash?