Ina Drew retiring after JPMorgan losses. Will she get $14.7 million?
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Dimon has said he is open to regulatory scrutiny of the losses, which the White House confirmed on Monday was under way.
"There is an investigation into what happened at JPMorgan that the SEC is conducting," White House spokesman Jay Carney said, declining to elaborate.
A U.S. Treasury official said the Financial Stability Oversight Council had not convened to discuss the losses and did not plan to. The Senate Banking Committee plans to hold hearings in the coming weeks on Wall Street reform, it said on Monday, during which it will likely press U.S. regulators about the JPMorgan losses.
The Fed said late Monday it was reviewing JPMorgan's risk practices across the firm.
PAST PERFORMANCE
Until the loss was disclosed late Thursday, Drew was considered by some market participants as one of the best managers of balance-sheet risks. She earned more than $15 million in each of the last two years.
According to JPMorgan's last annual proxy statement, Drew would be entitled to the continuation of almost $14.7 million in stock awards in case of resignation, provided she had met "full-career eligibility" criteria.
A JPMorgan spokesman did not immediately return calls for comment on whether she will retain all the compensation awards. Drew could not immediately be reached.
"Ina is an amazing investor," said a money manager who knows her but declined to be identified. "She's done a really good job over a lot of years. But they only remember your last trade."
Her expertise was in balancing the interest-rate risks of the banks' loans and other assets against the rate risk associated with its deposits and other liabilities, said veterans who have worked with her.
JPMorgan described Drew's replacement, Zames, as a "world-class risk manager and executive."
Before joining JPMorgan in 2004 he ran prop trading in the interest rate group at Credit Suisse First Boston, having joined CSFB from a trading job at Morgan Stanley. He was seen as one of the winners in 2009, when Jes Staley reorganized JPMorgan's investment bank, taking on the fixed income co-head role.
Last summer, the Wall Street Journal listed Zames among a group of senior JPMorgan executives in their mid-40s who were thought to be potential successors to Dimon.
