From Bloomberg: JPMorgan Chase & Co.’s Matt Zames,
newly appointed to lead the bank’s chief investment office after the unit
suffered a $2 billion loss, shook up leadership and announced a “renewed focus”
on hedging risks.
Zames named new finance and risk chiefs and wrote in a staff
memo yesterday that top London-based trading executive Achilles Macris would
hand off duties. JPMorgan named Zames head of the office to succeed Ina Drew,
whose retirement yesterday after the surprise loss marked the downfall of one
of the highest-ranking women on Wall Street.
“We will have a
sharp, renewed focus on our hedging strategies, risk management and execution,”
Zames, 41, wrote in the memo. “JPMorgan Chase will come out of this experience
as a stronger firm....”
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