JPMorgan compliance chief leaves firm: WSJ

Tue Feb 25, 2014 8:45pm EST

A sign is seen on the Canary Wharf offices of JP Morgan in London September 19, 2013. REUTERS/Neil Hall

A sign is seen on the Canary Wharf offices of JP Morgan in London September 19, 2013.

Credit: Reuters/Neil Hall

(Reuters) - JPMorgan Chase & Co's (JPM.N) compliance chief has quit the largest U.S. bank, roughly a year after being appointed to the position, the Wall Street Journal reported on Tuesday.

Chief Compliance Officer Cindy Armine is expected to take a job at payment processor First Data Corp, the report said, citing people familiar with the matter. (r.reuters.com/qap27v)

JPMorgan could not be immediately reached for comment outside regular U.S. business hours.

Last year, the company agreed to about $20 billion in settlements to clear up legal claims. The deals covered claims about mortgage issues, as well as derivatives and power trading.

According to the WSJ report, the bank's Chief Administrative Officer, Lou Rauchenberger, has been appointed as interim chief compliance officer and the company is looking for a permanent replacement.

Earlier on Tuesday, the JPMorgan announced 8,000 jobs cuts and lowered its 2014 profit target, hurt by weakness in its mortgage and trading business.

(Reporting by Anannya Pramanick in Bangalore; Editing by Edwina Gibbs)

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