[ by Howard Haykin ] Ina Drew, former head of JPMorgan Chase's London-based Chief Investment Office, that took a multi-billion trading loss on credit derivatives, agreed on to forfeit her pay.  The firm also announced Friday that other managers were ousted after the firm's internal inquiry found employees may have intentionally obscured trading losses incurred during the first quarter of 2012. Drew's Maximum Clawback. JPMorgan Chase accepted Ms. Drew’s offer to return about 2 years of compensation - the maximum clawback allowable under employment terms, according to a company spokesman. Other London-based managers in the same office that were found to have obscured or masked the losses during the first quarter of 2012, were terminated without severance and will be required to forfeit as much as 2 years of pay, including restricted stock and options - that, according to a bank presentation.  It was noted that recordings, e-mails, and documents show traders may have tried to mask losses by mismarking positions. "We’ve made the decision to claw back compensation from each of these individuals," said Michael Cavanagh, who was enlisted from running Treasury and Security Services to run the review.  He didn’t name the managers.  The money-losing bets were overseen by Bruno Iksil, known as the London Whale, his boss Javier Martin-Artajo and former Europe CIO head Achilles Macris. JPMorgan Chase lost almost $40 billion in market value in the months following initial reports of the trading loss - reported 4/5/12 by Bloomberg News.  The firm restated first-quarter results today to reduce profit by $459 million, in part because London traders had priced their positions “aggressively” toward the end of market spreads, Mr. Cavanagh said. The company decided to restate after executives and lawyers interviewed employees, reviewed tens of thousands of hours of tapes and searched about 1 million e-mails. Ina Drew's Compensation Numbers. Ms. Drew, 55, was awarded about $29 million in total compensation for 2010 and 2011, according to JPMorgan’s regulatory filings.  She retired 5/14/12 with about $57.5 million in stock, pension and other pay, according to bank disclosures and estimates from consulting firm Meridian Compensation Partners LLC.  About $21.5 million of that money, based on the 5/14 closing price, would have been automatically forfeited if she had been fired for cause.  But she was not fired for cause, and voluntarily retired from the bank. And CEO Jamie Dimon had only good things to say about Ms. Drew during Friday's analyst meeting.  "She has acted with integrity and tried to do what was right for the company at all times, even though she was part of this mistake. In that spirit, Ina came forward and offered to give up a very significant amount of her past compensation." A 30-year JPMorgan veteran, Ms. Drew had a track record of success at JPMorgan and its predecessor companies.  Mr. Dimon commended her in announcing her resignation and again in front of Congress last month, saying "the CIO unit had done so well for so long" that he didn’t scrutinize her work as much as he did with other executives. Drew was the bank’s third-highest compensated executive officer the past 2 years, regulatory filings show. Her division made "several billion dollars" in the 3 or 4 years preceding the loss, Dimon told lawmakers.  The CIO manages the bank’s excess deposits and hedges against risk. ‘Saved the Company’. Dimon said that when Ms. Drew decided to retire he received letters from former chairmen in her support, including one who said "she saved the company."  JPMorgan’s long-term incentive plan gives Mr. Dimon, with approval from the board, the right to reduce Ms. Drew’s restricted stock or to further defer vesting if her performance wasn’t satisfactory, according regulatory filings.  Restricted stock also can be deferred longer or forfeited if performance has "been unsatisfactory for a sustained period of time." For further details, go to:  [Bloomberg, 7/13/12].