Losing $2b for your employer

I still feel bad about the fact I once cost a former employer a few thousand dollars in tax penalties for late tax returns. So I’m not sure how I could cope with this situation reported in the Herald:

Three high-ranking executives at JPMorgan Chase are expected to leave their jobs this week after a trading blunder cost the bank US$2 billion,The Wall Street Journal reported on Sunday.

Only “expected” to leave their jobs??

The Journal, citing people familiar with the situation, reported that one of the executives is Ina Drew, who for seven years has run the risk-management division at the bank responsible for the loss.

Drew, one of the highest-ranking women on Wall Street, is the bank’s chief investment officer. She was paid $15.5 million last year and almost $16 million the year before, according to a regulatory filing.

So the loss was 120 times the annual salary!