JPMorgan - One Exec Off, Another Up

JPMorgan Chase has named Matt Zames sole chief operating officer as Frank Bisignano departed to become CEO of First Data Corp.

'Zames is expanding his role', JPMorgan Chairman and CEO Jamie Dimon said in an internal memo obtained Sunday by Bloomberg News.

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:

JPMorgan Names Zames Sole Bank COO as Bisignano Joins First Data

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