JPMorgan hands operations executive more authority
(Reuters) - JPMorgan Chase & Co (JPM.N) said on Monday it named company veteran Paul Compton to be deputy chief of operations and added to responsibilities he already holds as chief administrative officer of the company's investment bank and head of its global service center in India.
Compton, 48, will manage roughly half of JPMorgan's global operations after taking on new duties in corporate offices and in the commercial banking segment, according to a memo to employees signed by Frank Bisignano, chief administrative officer for the company, and Jes Staley, chief executive of the company's investment banking unit.
Compton's new responsibilities include support for the bank's Chief Investment Office, which has saddled the bank with bad derivatives trades that could cost JPMorgan more than $3 billion.
Compton's subordinates, the memo said, will include Phil Lewis, the global head of technology and operations for the Chief Investment Office. Lewis will also report to Matt Zames who was named chief investment officer after the derivatives loss was announced and the then-head of the office resigned.
Compton's new roles were discussed as early as April 5 when he was appointed to JPMorgan's executive committee, according to bank spokeswoman Kristin Lemkau.
Operations chiefs at the bank oversee back-office processing systems and provide logistical support to business executives who make strategic decisions about products and pricing.
Also reporting to Compton will be Lew Fischer, manager of centralized transaction operations, and Dan Wilkening, head of commercial banking business support. Wilkening will continue reporting, as well, to Doug Petno, the head of the commercial banking unit.
Wilkening and Fischer had been reporting to Lori Pape, who continues to manage operations in the corporation's retail bank and wealth management unit and work as head of the firm-wide global service center in the Philippines.
Compton joined JPMorgan 15 years ago. He was chief financial officer of the investment banking unit during the financial crisis. He also worked on an overhaul of technology for managing business credit risk.
(Reporting by David Henry in New York; Editing by Steve Orlofsky)
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