JPMorgan Chase has named Matt Zames sole chief operating officer as Frank Bisignano departed to become CEO of First Data Corp.
Paul Compton, currently co-Chief Administrative Officer of the corporate and investment bank, will become CAO of the company and report to Zames, according to the memo.
Bisignano’s exit buttresses Zames’s stature as a potential successor to Dimon, 57. Zames, 42, was promoted twice within the span of 100 days in 2012 as he helped Dimon regain control of a U.K. unit’s wayward bets on credit derivatives that cost JPMorgan more than $6.2bn. Zames, who began last year as co-head of the fixed-income business, was named Chief Investment Officer in May and co-COO in July.
Bisignano, 53, will begin his new job Monday, Chip Swearngan, a spokesman for Atlanta-based First Data, said in an e-mail. First Data, run by private-equity firm KKR & Co., is the largest merchant acquirer in the U.S., helping retailers accept credit- and debit-card payments.
Hit the link below to access the complete Bloomberg article:
image: © C.P.Storm