JP Morgan Chief Investment Officer Ina Drew stepped down after the bank reported a $2 billion loss resulting from a poor bet that has additionally prompted an FBI investigation.
Drew is one of the most powerful women in the financial industry with a nearly $15 million severance package. Shareholders, however, continue to support Chairman and CEO Jamie Dimon by allowing him to keep both positions and approved his $23 million pay package from last year.
What does this say about the case for further Wall Street reform proposals. What are the politics around such huge gambles?
More from the Associated Press:
TAMPA, Fla. (AP) -- The CEO of JPMorgan Chase has won a shareholder endorsement of his pay package and will keep the title of chairman of the board.
Jamie Dimon won the votes Tuesday at JPMorgan's annual meeting in Tampa, Fla. Most ballots were cast before Thursday, when Dimon disclosed a $2 billion trading loss at the bank.
Dimon says the bank's mistakes were "self-inflicted."
Meanwhile, Treasury Secretary Tim Geithner says the recent $2 billion trading loss by JPMorgan "helps make the case" for tougher rules on financial institutions as regulators continue to implement the 2010 law policing Wall Street.
Geithner said that the Federal Reserve, the Securities and Exchange Commission and the Obama administration are "going to take a very careful look" at the JPMorgan incident as they implement new regulations like the so-called "Volker Rule," which bans banks from making bets with firm money.
Geithner said that regulators will also examine capital requirements, limits on leverage and reforms in the derivatives markets.