What happens to your PR profile when you are held publicly responsible for a headline trading loss of over $6 billion? That must have been the question Ina Drew asked herself as she read her cover story profile in this weekend’s edition of The New York Times Magazine. The former Chief Investment Officer of JP Morgan Chase, who lost the eye-popping number on a sour trade called the “London Whale,” was amusingly headlined “Swallowed by the London Whale.”
The lengthy profile was what one might have expected. The first half was dedicated to tracing Ina’s stellar rise: She was tough, driven, analytical, and well-versed not only in the markets but also internal politics and turf warfare. The second half of the story details how it all unraveled as the losses mounted.
While Drew didn’t comment, plenty of others did. Those more closely connected to the disastrous trade stayed in the background, identifying themselves only as “sources close to the bank.” But Jamie Dimon, CEO of JPMorgan Chase, went public after the dust started to settle, acknowledging Drew’s “incredible contributions “ to the firm. At this point, couldn’t Drew have said a word or two?
The PR Verdict: “C” (Distinctly OK) for Ina Drew and her PR strategy. Just one on-the-record quote might have changed the article’s tone.
The PR Takeaway: Silence is not always golden. This profile has it all: money, success, and a colossal fall from grace by the tough trader who, moments prior to resigning, was walking the halls of JP Morgan, pale, gaunt, and with smudged mascara. Despite ongoing and innumerable legal complications, Ina Drew might have served her own PR well by reiterating that while regulators continue to review the matter, she is prohibited from commenting and that she resigned because it was the appropriate thing to do. If your CEO is publicly positive about your contribution, far better to put yourself in the driver’s seat and acknowledge that you are assisting with inquires and exited with grace, rather than give the impression you have slunk off into the sunset with your tail between your legs.
Was Ina Drew’s silence golden or damning? Give us your PR Verdict!
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