JPMorgan's co-operating chief to depart -WSJ

NEW YORK, April 28 Sun Apr 28, 2013 3:39pm EDT

NEW YORK, April 28 (Reuters) - JPMorgan's co-Chief Operating Officer Frank Bisignano plans to leave the U.S. bank giant, the latest top executive to depart in the past 1-1/2 years, the Wall Street Journal said its online edition on Sunday.

The departure is expected to be announced soon, the paper said, citing people close to the bank.

Matt Zames, current co-chief operating officer, will become COO of the firm, it said. Zames has been seen as a strong candidate to succeed JPMorgan Chief Executive and Chairman Jamie Dimon.

Bisignano is expected to announce as soon as Monday that he will join payment processing company First Data Corp as its chief executive, it added.

"The move leaves the giant New York bank without one of its fixers of operational problems at a time when the bank is wrestling with a number of regulatory headaches," it said.

JPMorgan suffered a loss of more than $6 billion due to soured trades. Regulators hit the bank in January with four enforcement actions requiring it to make a series of changes to risk management and anti-money-laundering systems.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.