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Www Homeequitymortgagepayment Home Equity Mortgage Payment L Fast High Szh En Pedia Org Ian McCall Home Equity Mortgage Payment JPMorgan says investment chief Ina Drew out - May. 14, 2012

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"Despite our recent losses in the CIO, Ina's vast contributions to our company should not be overshadowed by these events," CEO Jamie Dimon said in a statement.

Drew is in line to receive $14.7 million severance in the form of stock, $2.6 million in pension benefits and almost $10 million in deferred compensation, according to Theo Francis, a senior reporter at footnoted.com, a website that specializes in SEC filings. (Francis is married to a CNNMoney reporter)

The company's board of directors could award additional severance pay.

JPMorgan said that Matt Zames, who is currently the co-head of global fixed income in the investment bank and head of capital markets within the mortgage bank, would succeed Drew.

Zames was formerly a senior trader at Long-Term Capital Management, the failed hedge fund that placed massive bets on the trajectory of interest rates and required a $3.6 billion bailout from the Federal Reserve in 1998.

"Nobody knows about the dangers of what's happening at JPMorgan more than Matt," said James Rickards, former general counsel at Long-Term Capital Management.

"My question for management is why didn't they enlist Matt earlier to look over Ina's shoulder," said Rickards, now a senior managing director at the merchant bank Tangent Capital Partners. "Matt would've seen this problem in a heartbeat because it's what happened at LTCM."

JPMorgan, the nation's largest bank by assets, also announced that Mike Cavanagh, its former chief financial officer, will lead a firm-wide operating committee that will coordinate the bank's response to the loss.

-- CNNMoney's Maureen Farrell contributed to this report.