April 28, 2013 / 10:56 PM / 5 years ago

UPDATE 1-Zames' star ascends in latest JPMorgan shakeup

* JPMorgan names Matt Zames its sole chief operating officer
    * Former co-COO Frank Bisignano leaves to head First Data
    * Bank names Paul Compton as its chief administrative

    By Richard Leong
    NEW YORK, April 28 (Reuters) - JPMorgan Chase & Co 
said on Sunday Matt Zames will fully assume the role of chief
operating officer as his former partner in the job leaves, which
was part of the latest management shakeup at the biggest U.S.
    Zames, who has been seen as a strong candidate to succeed
the bank's Chief Executive and Chairman Jamie Dimon, had been
co-chief operating officer with Frank Bisignano, the New
York-based bank said in a statement.
    In the latest move, Zames now has sole responsibility in
another critical senior post at JPMorgan.
    As well as being a co-chief operating officer, the 42-year
old Zames has been its chief investment officer since May. The
former hedge fund trader replaced Ina Drew - a three-decade
veteran at the bank - who retired following a costly trading
    Zames "is a proven business executive, who has performed
exceptionally well since coming into his corporate role in May
of last year. He'll continue to have an important impact on our
company," Dimon said in a statement. 
    As earlier reported by the Wall Street Journal, Bisignano
will leave JPMorgan's senior ranks to head payroll processor
First Data Corp. Bisignano played a major role in
the bank's effort to get back on track after suffering a loss of
more than $6 billion due to soured, risky bets. 
    Bisignano was the ninth executive to leave the bank's
operating committee in the past 1-1/2 years, according to the
    First Data announced Bisignano's appointment as its chief
executive officer effective Monday, after the Journal report.
    Of Bisignano, Dimon said, "I have worked with Frank for many
years, and he has proven himself time and again as a highly
talented executive willing to take on difficult challenges and
get the job done."
    Other changes in the bank's latest management shuffle
involved the co-chief administrative officers of corporate and
investment banking, which have been held by Paul Compton and
Louis Rauchenberger.
    Compton will become the chief administrative officer of
JPMorgan Chase and report to Zames, while Rauchenberger will
become the sole chief administrative officer of corporate and
investment banking, the bank said.
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