This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

For Crying Out Loud, Another Wall Street Woman Falls

NEW YORK ( TheStreet) -- So she was tearful. Do we care?

The chief investment officer of JPMorgan Chase (JPM - Get Report), who resigned Monday in the wake of the bank's announcement of an embarrassing $2-billion-plus loss on her watch, is but the latest high-ranking woman to depart a business famous for its gender discrimination.

Ina Drew, who reported directly to JPMorgan CEO Jamie Dimon, joins a barely visible group of big-shot women who got fired or pushed out of their jobs after blunders or corporate restructurings.

There isn't a lot of argument that she should have lost her job, having overseen a trading group that made a really bad bet in London that will long have reverberations in Washington. But it is a reminder that powerful women and Wall Street don't mix well.

Remember Zoe Cruz, fired from Morgan Stanley (MS - Get Report) in 2007? Or Erin Callan, who lost her chief financial officer job at Lehman Brothers in 2008? How about Sallie Krawcheck, whose job disappeared after Bank of America (BAC - Get Report) bought Merrill Lynch?

Men get booted out of Wall Street jobs all the time, of course. But there are a lot more of them, so there's nobody losing sleep over a dearth of guys at the top.

And when a woman's career blows up, it stirs up all the old stereotypes. "Men's failures tend to be attributed to bad luck," says Joan C. Williams, distinguished professor of law at the University of California Hastings College of Law in San Francisco. "With women, people start saying "I always knew she really didn't have it."

It also stirs up issues like women and tears.

Drew cried -- a bunch of times, according to the New York Times. "Ms. Drew had tearfully offered to resign multiple times since the scale of the loss became apparent in late April, but Dimon had held off until now on accepting it," the paper wrote on May 13, citing people familiar with the situation.

In another Times story referring to her resignation on May 14, Drew again was described as having "tearfully resigned" that day. Kristin Lemkau, a spokeswoman for JPMorgan, said she had no comment on the depictions of executive emotion.
1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $14.36 0.00%
JPM $62.56 0.00%
MS $26.89 0.00%
AAPL $95.18 0.00%
FB $117.43 0.00%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs