JPMorgan took a big risk and lost BIG. It happens. In the provocative world of banking and trading, no risk equals zero returns. The higher the stakes the bigger the initiative and when the going is good everybody is cheering you on, but when the road ahead signals danger and the cards don’t hold a bright future, everybody jumps ship and almost always someone is left holding the tainted loot.
Ina Drew, a top executive at JPMorgan, and decades long veteran who served as chief investment officer at the now bruised bank is resigning.
Once it became crystal clear that the damage suffered by JPMorgan was of astronomical proportions, Ms, Drew was more than willing to assume most of the responsibility based on the simple fact that she had given the fatal order to traders that were just as eager to pull the trigger. Despite her three decades of respectable experience, it took just one mistake to change the course of one of the top financial institutions in the world.
The market is a restless animal that can’t be hindered, and traders are subjected to daily close calls and seductive profitable portfolio alignment possibilities which makes it both exciting and exhilarating to be able to perhaps change the course of the rich and the very rich.
This is definitely a wake up call. We are all basically at the mercy of the decisive and puritanical world economy.
The dollars and cents need to be tallied up in an astute manner no matter who is in the driver’s seat. Even the most powerful establishments need to present a crisp ledger and sometimes that’s not enough.